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PENSION AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended
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Dec. 31, 2018
Retirement Benefits [Abstract] |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS PENSION PLANS We maintain registered and non-registered, contributory and non-contributory pension plans which provide defined benefit and/or defined contribution pension benefits covering substantially all employees. The Canadian Plans provide Company funded defined benefit and/or defined contribution pension benefits to our Canadian employees. The United States Plans provide Company funded defined benefit pension benefits to our United States employees. We also maintain supplemental pension plans that provide pension benefits in excess of the basic plans for certain employees. Defined Benefit Plans Benefits payable from the defined benefit plans are based on each plan participant’s years of service and final average remuneration. These benefits are partially inflation-indexed after a plan participant’s retirement. Our contributions are made in accordance with independent actuarial valuations and are invested primarily in publicly-traded equity and fixed income securities. Defined Contribution Plans Contributions are generally based on each plan participant’s age, years of service and current eligible remuneration. For defined contribution plans, benefit costs equal amounts required to be contributed by us. Benefit Obligation, Plan Assets and Funded Status The following table details the changes in the projected benefit obligation, the fair value of plan assets and the recorded asset or liability for our defined benefit pension plans:
| Canada |  | United States
December 31, | 2018 |  | 2017 |  |  | 2018 |  | 2017 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |
Change in projected benefit obligation |  |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year | 4,033 |  | 2,270 |  |  | 1,279 |  | 508 |
Service cost | 149 |  | 156 |  |  | 45 |  | 48 |
Interest cost | 130 |  | 116 |  |  | 38 |  | 35 |
Participant contributions | 25 |  | 6 |  |  | — |  | — |
Actuarial (gain)/loss | (146 | ) | 145 |  |  | (103 | ) | 57 |
Benefits paid | (184 | ) | (165 | ) |  | (60 | ) | (42 | )
Plan settlements | — |  | — |  |  | (65 | ) | (59 | )
Transfer out | (10 | ) | — |  |  | — |  | — |
Acquired in Merger Transaction | — |  | 1,505 |  |  | — |  | 811 |
Foreign currency exchange rate changes | — |  | — |  |  | 105 |  | (63 | )
Other | — |  | — |  |  | (25 | ) | (16 | )
Projected benefit obligation at end of year 1 | 3,997 |  | 4,033 |  |  | 1,214 |  | 1,279 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at beginning of year | 3,619 |  | 2,019 |  |  | 1,097 |  | 361 |
Actual return/(loss) on plan assets | (42 | ) | 308 |  |  | (48 | ) | 113 |
Employer contributions | 113 |  | 161 |  |  | 40 |  | 57 |
Participant contributions | 25 |  | 6 |  |  | — |  | — |
Benefits paid | (184 | ) | (165 | ) |  | (60 | ) | (42 | )
Plan settlements | — |  | — |  |  | (65 | ) | (59 | )
Transfer out | (8 | ) | — |  |  | — |  | — |
Acquired in Merger Transaction | — |  | 1,290 |  |  |  |  | 731 |
Foreign currency exchange rate changes | — |  | — |  |  | 91 |  | (51 | )
Other | — |  | — |  |  | (10 | ) | (13 | )
Fair value of plan assets at end of year 2 | 3,523 |  | 3,619 |  |  | 1,045 |  | 1,097 |
Underfunded status at end of year | (474 | ) | (414 | ) |  | (169 | ) | (182 | )
Presented as follows: |  |  |  |  |
Deferred amounts and other assets | 29 |  | 38 |  |  | — |  | — |
Accounts payable and other | (9 | ) | (60 | ) |  | (4 | ) | (3 | )
Other long-term liabilities | (494 | ) | (392 | ) |  | (165 | ) | (179 | )
| (474 | ) | (414 | ) |  | (169 | ) | (182 | )
1 | The accumulated benefit obligation for our Canadian pension plans was $3.7 billion as at December 31, 2018 and 2017. The accumulated benefit obligation for our United States pension plans was $1.2 billion as at December 31, 2018 and 2017.
2 | Assets in the amount of $7 million (2017 - $9 million) and $39 million (2017 - $40 million), related to our Canadian and United States non-registered supplemental pension plan obligations, are held in grantor trusts that, in accordance with federal tax regulations, are not restricted from creditors. These assets are committed for the future settlement of benefit obligations included in the underfunded status as at the end of the year, however they are excluded from plan assets for accounting purposes.
Certain of our pension plans have accumulated benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations, accumulated benefit obligations and the fair value of plan assets were as follows:
| Canada |  | United States
December 31, | 2018 |  | 2017 |  |  | 2018 |  | 2017 |
(millions of Canadian dollars) |  |  |  |  |
Projected benefit obligations | 1,422 |  | 1,444 |  |  | 1,214 |  | 1,280 |
Accumulated benefit obligations | 1,299 |  | 1,306 |  |  | 1,179 |  | 1,217 |
Fair value of plan assets | 1,064 |  | 1,131 |  |  | 1,045 |  | 1,098 |
Amount Recognized in Accumulated Other Comprehensive Income The amounts of pre-tax AOCI relating to our pension plans are as follows:
| Canada |  | United States
December 31, | 2018 |  | 2017 |  |  | 2018 |  | 2017 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |
Net actuarial loss | 435 |  | 334 |  |  | 133 |  | 112 |
Prior service credit | — |  | — |  |  | (3 | ) | — |
Total amount recognized in AOCI 1 | 435 |  | 334 |  |  | 130 |  | 112 |
1 Includes amounts related to cumulative translation adjustment. Net Benefit Costs Recognized The components of net benefit cost and other amounts recognized in pre-tax OCI related to our pension plans are as follows:
| Canada |  | United States
Year ended December 31, | 2018 |  | 2017 |  | 2016 |  |  | 2018 |  | 2017 |  | 2016 |
(millions of Canadian dollars) |  |  |  |  |  |  |
Service cost | 149 |  | 156 |  | 129 |  |  | 45 |  | 48 |  | 26 |
Interest cost | 130 |  | 116 |  | 73 |  |  | 38 |  | 35 |  | 16 |
Expected return on plan assets | (245 | ) | (201 | ) | (127 | ) |  | (88 | ) | (57 | ) | (21 | )
Amortization/settlement of net actuarial loss | 25 |  | 29 |  | 32 |  |  | 7 |  | 10 |  | 3 |
Amortization/curtailment of prior service cost | — |  | — |  | — |  |  | 3 |  | — |  | — |
Net defined benefit costs | 59 |  | 100 |  | 107 |  | — |  | 5 |  | 36 |  | 24 |
Defined contribution benefit costs | 11 |  | 11 |  | 3 |  |  | 19 |  | 15 |  | — |
Net benefit cost recognized in Earnings | 70 |  | 111 |  | 110 |  |  | 24 |  | 51 |  | 24 |
Amount recognized in OCI: |  |  |  |  |  |  |
| Amortization/settlement of net actuarial loss | (11 | ) | (14 | ) | (14 | ) |  | (7 | ) | (9 | ) | (6 | )
| Amortization/curtailment of prior service cost | — |  | — |  | — |  |  | (3 | ) | — |  | — |
| Net actuarial loss arising during the year | 112 |  | 38 |  | 28 |  |  | 28 |  | — |  | 16 |
Total amount recognized in OCI | 101 |  | 24 |  | 14 |  |  | 18 |  | (9 | ) | 10 |
Total amount recognized in Comprehensive income | 171 |  | 135 |  | 124 |  |  | 42 |  | 42 |  | 34 |
We estimate that approximately $32 million related to the Canadian pension plans and $0 million related to the United States pension plans as at December 31, 2018 will be reclassified from AOCI into earnings in the next 12 months. Actuarial Assumptions The weighted average assumptions made in the measurement of the projected benefit obligations and net benefit cost of our pension plans are as follows:
| Canada |  | United States
| 2018 |  | 2017 |  | 2016 |  |  | 2018 |  | 2017 |  | 2016 |
Projected benefit obligations |  |  |  |  |  |  |
Discount rate | 3.8 | % | 3.6 | % | 4.0 | % |  | 3.9 | % | 3.5 | % | 4.0 | %
Rate of salary increase | 3.2 | % | 3.2 | % | 3.7 | % |  | 2.8 | % | 3.1 | % | 3.3 | %
Net benefit cost |  |  |  |  |  |  |
Discount rate | 3.6 | % | 4.0 | % | 4.2 | % |  | 3.4 | % | 4.0 | % | 4.1 | %
Rate of return on plan assets | 6.8 | % | 6.5 | % | 6.5 | % |  | 7.4 | % | 7.2 | % | 7.2 | %
Rate of salary increase | 3.2 | % | 3.7 | % | 3.6 | % |  | 2.9 | % | 3.3 | % | 3.2 | %
The overall expected rate of return is based on the asset allocation targets with estimates for returns on equity and debt securities based on long-term expectations. OTHER POSTRETIREMENT BENEFITS OPEB primarily includes supplemental health and dental, health spending accounts and life insurance coverage for qualifying retired employees on a non-contributory basis. The following table details the changes in the accumulated postretirement benefit obligation, the fair value of plan assets and the recorded asset or liability for our defined benefit OPEB plans:
| Canada |  | United States
December 31, | 2018 |  | 2017 |  |  | 2018 |  | 2017 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |
Change in accumulated postretirement benefit obligation |  |  |  |  |  |  |  |  |
Accumulated postretirement benefit obligation at beginning of year | 321 |  | 179 |  |  | 337 |  | 133 |
Service cost | 8 |  | 7 |  |  | 3 |  | 5 |
Interest cost | 10 |  | 10 |  |  | 10 |  | 10 |
Participant contributions | — |  | — |  |  | 6 |  | 4 |
Actuarial gain | (45 | ) | (8 | ) |  | (25 | ) | (34 | )
Benefits paid | (11 | ) | (10 | ) |  | (29 | ) | (19 | )
Plan amendments | — |  | (3 | ) |  | (8 | ) | 1 |
Acquired in Merger Transaction | — |  | 146 |  |  | — |  | 254 |
Foreign currency exchange rate changes | — |  | — |  |  | 27 |  | (17 | )
Other | (1 | ) | — |  |  | (16 | ) | — |
Accumulated postretirement benefit obligation at end of year | 282 |  | 321 |  |  | 305 |  | 337 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at beginning of year | — |  | — |  |  | 213 |  | 115 |
Actual return/(loss) on plan assets | — |  | — |  |  | (13 | ) | 21 |
Employer contributions | 11 |  | 10 |  |  | 8 |  | 1 |
Participant contributions | — |  | — |  |  | 6 |  | 4 |
Benefits paid | (11 | ) | (10 | ) |  | (29 | ) | (19 | )
Acquired in Merger Transaction | — |  | — |  |  | — |  | 102 |
Foreign currency exchange rate changes | — |  | — |  |  | 16 |  | (11 | )
Other | — |  | — |  |  | (20 | ) | — |
Fair value of plan assets at end of year | — |  | — |  |  | 181 |  | 213 |
Underfunded status at end of year | (282 | ) | (321 | ) |  | (124 | ) | (124 | )
Presented as follows: |  |  |  |  |
Deferred amounts and other assets | — |  | — |  |  | 2 |  | 7 |
Accounts payable and other | (12 | ) | (12 | ) |  | (7 | ) | (7 | )
Other long-term liabilities | (270 | ) | (309 | ) |  | (119 | ) | (124 | )
| (282 | ) | (321 | ) |  | (124 | ) | (124 | )
Amount Recognized in Accumulated Other Comprehensive Income The amounts of pre-tax AOCI relating to our OPEB plans are as follows:
| Canada |  | United States
December 31, | 2018 |  | 2017 |  |  | 2018 |  | 2017 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |
Net actuarial (gain)/loss | (29 | ) | 17 |  |  | (15 | ) | (15 | )
Prior service credit | (2 | ) | (2 | ) |  | (15 | ) | (11 | )
Total amount recognized in AOCI 1 | (31 | ) | 15 |  |  | (30 | ) | (26 | )
1 Includes amounts related to cumulative translation adjustment. Net Benefit Costs Recognized The components of net benefit cost and other amounts recognized in pre-tax OCI related to our OPEB plans are as follows:
| Canada |  | United States
Year ended December 31, | 2018 |  | 2017 |  | 2016 |  |  | 2018 |  | 2017 |  | 2016 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | 8 |  | 7 |  | 4 |  |  | 3 |  | 5 |  | 4 |
Interest cost | 10 |  | 10 |  | 6 |  |  | 10 |  | 10 |  | 5 |
Expected return on plan assets | — |  | — |  | — |  |  | (12 | ) | (10 | ) | (6 | )
Amortization/settlement of net actuarial gain | — |  | — |  | — |  |  | (1 | ) | — |  | — |
Amortization/curtailment of prior service (credit)/cost | — |  | 1 |  | — |  |  | (4 | ) | — |  | — |
Net benefit cost recognized in Earnings | 18 |  | 18 |  | 10 |  |  | (4 | ) | 5 |  | 3 |
Amount recognized in OCI: |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization/settlement of net actuarial gain/(loss) | — |  | (1 | ) | (1 | ) |  | 1 |  | 1 |  | (1 | )
Amortization/curtailment of prior service credit | — |  | — |  | — |  |  | 4 |  | — |  | — |
Net actuarial (gain)/loss arising during the year | (46 | ) | (8 | ) | 2 |  |  | (1 | ) | (42 | ) | 12 |
Prior service (credit)/cost | — |  | (3 | ) | — |  |  | (8 | ) | 1 |  | (12 | )
Total amount recognized in OCI | (46 | ) | (12 | ) | 1 |  |  | (4 | ) | (40 | ) | (1 | )
Total amount recognized in Comprehensive income | (28 | ) | 6 |  | 11 |  |  | (8 | ) | (35 | ) | 2 |
We estimate that approximately nil related to the Canadian OPEB plans and $2 million related to the United States OPEB plans as at December 31, 2018 will be reclassified from AOCI into earnings in the next 12 months. Actuarial Assumptions The weighted average assumptions made in the measurement of the accumulated postretirement benefit obligations and net benefit cost of our OPEB plans are as follows:
| Canada |  | United States
| 2018 |  | 2017 |  | 2016 |  |  | 2018 |  | 2017 |  | 2016 |
Accumulated postretirement benefit obligations |  |  |  |  |  |  |
Discount rate | 3.8 | % | 3.6 | % | 4.0 | % |  | 4.0 | % | 3.5 | % | 3.6 | %
Net OPEB cost |  |  |  |  |  |  |
Discount rate | 3.6 | % | 4.0 | % | 4.2 | % |  | 3.3 | % | 4.0 | % | 3.8 | %
Rate of return on plan assets | N/A |  | N/A |  | N/A |  |  | 5.7 | % | 6.0 | % | 6.0 | %
The overall expected rate of return is based on the asset allocation targets with estimates for returns on equity and debt securities based on long-term expectations. Assumed Health Care Cost Trend Rates The assumed rates for the next year used to measure the expected cost of benefits are as follows:
| Canada |  | United States
| 2018 |  | 2017 |  |  | 2018 |  | 2017 |
Health care cost trend rate assumed for next year | 5.6 | % | 5.5 | % |  | 7.4 | % | 7.4 | %
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 4.4 | % | 4.4 | % |  | 4.5 | % | 4.5 | %
Year that the rate reaches the ultimate trend rate | 2034 |  | 2034 |  |  | 2037 |  | 2037 |
A 1% change in the assumed health care cost trend rate would have the following effects for the year ended and as at December 31, 2018:
| Canada |  | United States
| 1% Increase | 1% Decrease |  | 1% Increase | 1% Decrease
(millions of Canadian dollars) |  |  |  |  |
Effect on total service and interest costs | 1 |  | (1 | ) |  | 1 |  | (1 | )
Effect on accumulated postretirement benefit obligation | 20 |  | (16 | ) |  | 18 |  | (17 | )
PLAN ASSETS We manage the investment risk of our pension funds by setting a long-term asset mix policy for each plan after consideration of: (i) the nature of pension plan liabilities; (ii) the investment horizon of the plan; (iii) the going concern and solvency funded status and cash flow requirements of the plan; (iv) our operating environment and financial situation and our ability to withstand fluctuations in pension contributions; and (v) the future economic and capital markets outlook with respect to investment returns, volatility of returns and correlation between assets. The asset allocation targets and major categories of plan assets are as follows:
| Canada |  | United States
| Target | December 31, |  | Target | December 31,
Asset Category | Allocation | 2018 |  | 2017 |  |  | Allocation | 2018 |  | 2017 |
Equity securities | 40.0 - 70.0% | 45.8 | % | 52.0 | % |  | 52.5 - 70.0% | 51.7 | % | 47.1 | %
Fixed income securities | 27.5 - 60.0% | 33.4 | % | 34.2 | % |  | 27.5 - 30.0% | 32.9 | % | 47.7 | %
Other | 0.0 - 20.0% | 20.7 | % | 13.8 | % |  | 0.0 - 20.0% | 15.4 | % | 5.2 | %
The following tables summarize the fair value of plan assets for our pension and OPEB plans recorded at each fair value hierarchy level. Pension
| Canada |  | United States
| Level 1 1 |  | Level 2 2 |  | Level 3 3 |  | Total |  |  | Level 1 1 |  | Level 2 2 |  | Level 3 3 |  | Total |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2018 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 246 |  | — |  | — |  | 246 |  |  | 56 |  | — |  | — |  | 56 |
Equity securities |  |  |  |  |  |  |  |  |
Canada | 623 |  | — |  | — |  | 623 |  |  | 1 |  | — |  | — |  | 1 |
United States | (1 | ) | — |  | — |  | (1 | ) |  | 50 |  | — |  | — |  | 50 |
Global | 993 |  | — |  | — |  | 993 |  |  | 489 |  | — |  | — |  | 489 |
Fixed income securities |  |  |  |  |  |  |  |  |
Government | 661 |  | — |  | — |  | 661 |  |  | 265 |  | — |  | — |  | 265 |
Corporate | 457 |  | — |  | 60 |  | 517 |  |  | 54 |  | — |  | 25 |  | 79 |
Infrastructure and real estate 4 | — |  | — |  | 502 |  | 502 |  |  | — |  | — |  | 105 |  | 105 |
Forward currency contracts | — |  | (18 | ) | — |  | (18 | ) |  | — |  | — |  | — |  | — |
Total pension plan assets at fair value | 2,979 |  | (18 | ) | 562 |  | 3,523 |  |  | 915 |  | — |  | 130 |  | 1,045 |
December 31, 2017 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 169 |  | — |  | — |  | 169 |  |  | 2 |  | — |  | — |  | 2 |
Equity securities |  |  |  |  |  |  |  |  |
Canada | 842 |  | 425 |  | — |  | 1,267 |  |  | — |  | — |  | — |  | — |
United States | 427 |  | — |  | — |  | 427 |  |  | 343 |  | — |  | — |  | 343 |
Global | 189 |  | — |  | — |  | 189 |  |  | 122 |  | 52 |  | — |  | 174 |
Fixed income securities |  |  |  |  |  |  |  |  |
Government | 933 |  | — |  | — |  | 933 |  |  | — |  | — |  | — |  | — |
Corporate | 301 |  | 3 |  | — |  | 304 |  |  | 522 |  | 1 |  | — |  | 523 |
Infrastructure and real estate 4 | — |  | — |  | 340 |  | 340 |  |  | — |  | — |  | 56 |  | 56 |
Forward currency contracts | — |  | (10 | ) | — |  | (10 | ) |  | — |  | (1 | ) | — |  | (1 | )
Total pension plan assets at fair value | 2,861 |  | 418 |  | 340 |  | 3,619 |  |  | 989 |  | 52 |  | 56 |  | 1,097 |
OPEB
| Canada |  | United States
| Level 1 1 |  | Level 2 2 |  | Level 3 3 |  | Total |  |  | Level 1 1 |  | Level 2 2 |  | Level 3 3 |  | Total |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2018 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  | — |  | — |  | — |  |  | 7 |  | — |  | — |  | 7 |
Equity securities |  |  |  |  |  |  |  |  |
United States | — |  | — |  | — |  | — |  |  | 63 |  | — |  | — |  | 63 |
Global | — |  | — |  | — |  | — |  |  | 35 |  | — |  | — |  | 35 |
Fixed income securities |  |  |  |  |  |  |  |  |
Government | — |  | — |  | — |  | — |  |  | 68 |  | — |  | — |  | 68 |
Corporate | — |  | — |  | — |  | — |  |  | 3 |  | — |  | 2 |  | 5 |
Infrastructure and real estate | — |  | — |  | — |  | — |  |  | — |  | — |  | 3 |  | 3 |
Total OPEB plan assets at fair value | — |  | — |  | — |  | — |  |  | 176 |  | — |  | 5 |  | 181 |
December 31, 2017 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | — |  | — |  | — |  | — |  |  | 1 |  | — |  | — |  | 1 |
Equity securities |  |  |  |  |  |  |  |  |
United States | — |  | — |  | — |  | — |  |  | 80 |  | — |  | — |  | 80 |
Global | — |  | — |  | — |  | — |  |  | 36 |  | — |  | — |  | 36 |
Fixed income securities |  |  |  |  |  |  |  |  |
Government | — |  | — |  | — |  | — |  |  | 96 |  | — |  | — |  | 96 |
Total OPEB plan assets at fair value | — |  | — |  | — |  | — |  |  | 213 |  | — |  | — |  | 213 |
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.
Changes in the net fair value of plan assets classified as Level 3 in the fair value hierarchy were as follows: Pension
| Canada |  | United States
December 31, | 2018 |  | 2017 |  |  | 2018 |  | 2017 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |
Balance at beginning of year | 340 |  | 281 |  |  | 56 |  | 40 |
Unrealized and realized gains | 77 |  | 26 |  |  | 9 |  | 5 |
Purchases and settlements, net | 145 |  | 33 |  |  | 65 |  | 11 |
Balance at end of year | 562 |  | 340 |  |  | 130 |  | 56 |
OPEB
| Canada |  | United States
December 31, | 2018 |  | 2017 |  |  | 2018 |  | 2017 |
(millions of Canadian dollars) |  |  |  |  |
Balance at beginning of year | — |  | — |  |  | — |  | — |
Unrealized and realized gains | — |  | — |  |  | — |  | — |
Purchases and settlements, net | — |  | — |  |  | 5 |  | — |
Balance at end of year | — |  | — |  |  | 5 |  | — |
EXPECTED BENEFIT PAYMENTS AND EMPLOYER CONTRIBUTIONS
Year ended December 31, | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2023-2027 |
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |  |  |  |
Pension |  |  |  |  |  |
Canada | 174 |  | 180 |  | 187 |  | 194 |  | 201 |  | 1,104 |
United States | 124 |  | 96 |  | 97 |  | 98 |  | 95 |  | 438 |
OPEB |  |  |  |  |  |
Canada | 13 |  | 12 |  | 13 |  | 13 |  | 13 |  | 39 |
United States | 26 |  | 26 |  | 25 |  | 24 |  | 23 |  | 98 |
In 2019, we expect to contribute approximately $114 million and $47 million to the Canadian and United States pension plans, respectively, and $13 million and $7 million to the Canadian and United States OPEB plans, respectively. RETIREMENT SAVINGS PLANS In addition to the retirement plans discussed above, we also have defined contribution employee savings plans available to both Canadian and United States employees. Employees may participate in a matching contribution where we match a certain percentage of before-tax employee contributions of up to 5% of eligible pay per pay period for Canadian employees and up to 6% of eligible pay per pay period for United States employees. For the years ended December 31, 2018, 2017 and 2016, we expensed pre-tax employer matching contributions of $13 million, $14 million and nil for Canadian employees and $27 million, $31 million and $13 million for United States employees, respectively.

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