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PENSION AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS PENSION PLANS We sponsor Canadian and US contributory and non-contributory registered defined benefit and defined contribution pension plans, which provide benefits covering substantially all employees. The Canadian pension plans provide defined benefit and defined contribution pension benefits to our Canadian employees. The US pension plans provide defined benefit pension benefits to our US employees. We also sponsor supplemental non-contributory defined benefit pension plans, which provide non-registered benefits for certain employees in Canada and the US. Defined Benefit Pension Plan Benefits Benefits payable from the defined benefit pension plans are based on each plan participant's years of service and final average remuneration. Some benefits are partially inflation-indexed after a plan participant’s retirement. Our contributions are made in accordance with independent actuarial valuations. Participant contributions to contributory defined benefit pension plans are based upon each plan participant's current eligible remuneration. Defined Contribution Pension Plan Benefits Our contributions are based on each plan participant's current eligible remuneration. Our contributions for some defined contribution pension plans are also based on age and years of service. Our defined contribution pension benefit costs are equal to the amount of contributions required to be made by us. Benefit Obligations, 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 assets or liabilities for our defined benefit pension plans:
| Canada |  | US
December 31, | 2023 | 2022 |  | 2023 | 2022
(millions of Canadian dollars) |  |  |  |  |
Change in projected benefit obligation |  |  |  |  |
Projected benefit obligation at beginning of year | 3,630 |  | 4,600 |  |  | 1,029 |  | 1,184 |
Service cost | 81 |  | 131 |  |  | 40 |  | 43 |
Interest cost | 184 |  | 127 |  |  | 47 |  | 24 |
Participant contributions | 31 |  | 29 |  |  | — |  | — |
Actuarial (gain)/loss 1 | 359 |  | (1,069) |  |  | 31 |  | (201) |
Benefits paid | (193) |  | (187) |  |  | (76) |  | (94) |
Foreign currency exchange rate changes | — |  | — |  |  | (29) |  | 77 |
Other | — |  | (1) |  |  | (6) |  | (4) |
Projected benefit obligation at end of year 2 | 4,092 |  | 3,630 |  |  | 1,036 |  | 1,029 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at beginning of year | 4,234 |  | 4,536 |  |  | 1,080 |  | 1,160 |
Actual return/(loss) on plan assets | 427 |  | (235) |  |  | 78 |  | (64) |
Employer contributions | 27 |  | 91 |  |  | 5 |  | 4 |
Participant contributions | 31 |  | 29 |  |  | — |  | — |
Benefits paid | (193) |  | (187) |  |  | (76) |  | (94) |
Foreign currency exchange rate changes | — |  | — |  |  | (29) |  | 78 |
Other | 2 |  | — |  |  | (6) |  | (4) |
Fair value of plan assets at end of year 3 | 4,528 |  | 4,234 |  |  | 1,052 |  | 1,080 |
Overfunded status at end of year | 436 |  | 604 |  |  | 16 |  | 51 |
Presented as follows: |  |  |  |  |
Deferred amounts and other assets | 636 |  | 764 |  |  | 116 |  | 141 |
Other current liabilities | (8) |  | (9) |  |  | (5) |  | (5) |
Other long-term liabilities | (192) |  | (151) |  |  | (95) |  | (85) |
| 436 |  | 604 |  |  | 16 |  | 51 |
1 Primarily due to the decrease in the discount rate used to measure the defined benefit obligations (2022 - primarily due to increase in the discount rate used to measure the defined benefit obligations). 2 The accumulated benefit obligation for our Canadian pension plans was $3.8 billion and $3.4 billion as at December 31, 2023 and 2022, respectively. The accumulated benefit obligation for our US pension plans was $1.0 billion as at December 31, 2023 and 2022. 3 Assets in the amount of $14 million (2022 - $10 million) and $62 million (2022 - $58 million), related to our Canadian and US non-registered supplemental pension plan obligations, are held in grantor trusts and rabbi 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 accumulated benefit obligation and fair value of plan assets were as follows:
| Canada |  | US
December 31, | 2023 | 2022 |  | 2023 | 2022
(millions of Canadian dollars) |  |  |  |  |
Accumulated benefit obligation | 394 |  | 360 |  |  | 99 |  | 89 |
Fair value of plan assets | 243 |  | 218 |  |  | — |  | — |
Certain of our pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligation and fair value of plan assets were as follows:
| Canada |  | US
December 31, | 2023 | 2022 |  | 2023 | 2022
(millions of Canadian dollars) |  |  |  |  |
Projected benefit obligation | 416 |  | 377 |  |  | 99 |  | 90 |
Fair value of plan assets | 243 |  | 218 |  |  | — |  | — |
Amount Recognized in Accumulated Other Comprehensive Income The amount of pre-tax AOCI relating to our pension plans are as follows:
| Canada |  | US
December 31, | 2023 | 2022 |  | 2023 | 2022
(millions of Canadian dollars) |  |  |  |  |
Net actuarial (gain)/loss | 51 |  | (64) |  |  | 74 |  | 40 |
Prior service cost | — |  | — |  |  | 1 |  | 1 |
Total amount recognized in AOCI 1 | 51 |  | (64) |  |  | 75 |  | 41 |
1 Excludes amounts related to CTA. Net Periodic Benefit (Credit)/Cost and Other Amounts Recognized in Comprehensive Income The components of net periodic benefit (credit)/cost and other amounts recognized in pre-tax Comprehensive income related to our pension plans are as follows:
| Canada |  | US
Year ended December 31, | 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
(millions of Canadian dollars) |  |  |  |  |  |  |
Service cost | 81 |  | 131 |  | 139 |  |  | 40 |  | 43 |  | 44 |
Interest cost 1 | 184 |  | 127 |  | 101 |  |  | 47 |  | 24 |  | 17 |
Expected return on plan assets 1 | (271) |  | (295) |  | (252) |  |  | (77) |  | (85) |  | (73) |
Amortization/settlement of net actuarial (gain)/loss 1 | — |  | 8 |  | 54 |  |  | (4) |  | — |  | 11 |
Amortization/curtailment of prior service credit 1 | — |  | — |  | — |  |  | — |  | (2) |  | — |
Net periodic benefit (credit)/cost | (6) |  | (29) |  | 42 |  |  | 6 |  | (20) |  | (1) |
Defined contribution benefit cost | 12 |  | 10 |  | 7 |  |  | — |  | — |  | — |
Net pension (credit)/cost recognized in Earnings | 6 |  | (19) |  | 49 |  |  | 6 |  | (20) |  | (1) |
Amount recognized in OCI: |  |  |  |  |  |  |
| Amortization/settlement of net actuarial (gain)/loss | — |  | (2) |  | (25) |  |  | 4 |  | — |  | (11) |
| Amortization/curtailment of prior service credit | — |  | — |  | — |  |  | — |  | 2 |  | — |
| Net actuarial (gain)/loss arising during the year | 115 |  | (288) |  | (291) |  |  | 30 |  | (52) |  | (99) |
Total amount recognized in OCI | 115 |  | (290) |  | (316) |  |  | 34 |  | (50) |  | (110) |
Total amount recognized in Comprehensive income | 121 |  | (309) |  | (267) |  |  | 40 |  | (70) |  | (111) |
1 Reported within Other income/(expense) in the Consolidated Statements of Earnings. Actuarial Assumptions The weighted average assumptions made in the measurement of the projected benefit obligation and net periodic benefit cost of our pension plans are as follows:
| Canada |  | US
| 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
Projected benefit obligation |  |  |  |  |  |  |
Discount rate | 4.6 | % | 5.1 | % | 3.2 | % |  | 4.7 | % | 4.9 | % | 2.6 | %
Rate of salary increase | 3.0 | % | 2.9 | % | 2.9 | % |  | 2.6 | % | 2.8 | % | 2.8 | %
Cash balance interest credit rate | N/A | N/A | N/A |  | 4.5 | % | 4.3 | % | 4.3 | %
Net periodic benefit cost |  |  |  |  |  |  |
Discount rate | 5.3 | % | 3.2 | % | 2.6 | % |  | 4.9 | % | 2.6 | % | 2.2 | %
Rate of return on plan assets | 6.5 | % | 6.6 | % | 6.2 | % |  | 7.4 | % | 7.4 | % | 7.3 | %
Rate of salary increase | 2.9 | % | 2.9 | % | 2.3 | % |  | 2.8 | % | 2.8 | % | 2.7 | %
Cash balance interest credit rate | N/A | N/A | N/A |  | 4.3 | % | 4.3 | % | 4.3 | %
OTHER POSTRETIREMENT BENEFIT PLANS We sponsor funded and unfunded defined benefit OPEB Plans, which provide non-contributory supplemental health, dental, life and health spending account benefit coverage for certain qualifying retired employees. Benefit Obligations, Plan Assets and Funded Status The following table details the changes in the accumulated postretirement benefit obligation, the fair value of plan assets and the recorded assets or liabilities for our defined benefit OPEB plans:
| Canada |  | US
December 31, | 2023 | 2022 |  | 2023 | 2022
(millions of Canadian dollars) |  |  |  |  |
Change in accumulated postretirement benefit obligation |  |  |  |  |
Accumulated postretirement benefit obligation at beginning of year | 211 |  | 274 |  |  | 136 |  | 173 |
Service cost | 3 |  | 4 |  |  | 1 |  | 1 |
Interest cost | 11 |  | 7 |  |  | 6 |  | 3 |
Participant contributions | — |  | — |  |  | 5 |  | 6 |
Actuarial (gain)/loss 1 | 13 |  | (66) |  |  | 4 |  | (37) |
Benefits paid | (10) |  | (8) |  |  | (20) |  | (21) |
Foreign currency exchange rate changes | — |  | — |  |  | (3) |  | 11 |
Accumulated postretirement benefit obligation at end of year | 228 |  | 211 |  |  | 129 |  | 136 |
Change in plan assets |  |  |  |  |
Fair value of plan assets at beginning of year | — |  | — |  |  | 185 |  | 201 |
Actual return/(loss) on plan assets | — |  | — |  |  | 14 |  | (21) |
Employer contributions | 10 |  | 8 |  |  | 7 |  | 7 |
Participant contributions | — |  | — |  |  | 5 |  | 6 |
Benefits paid | (10) |  | (8) |  |  | (20) |  | (21) |
Foreign currency exchange rate changes | — |  | — |  |  | (4) |  | 13 |
Fair value of plan assets at end of year | — |  | — |  |  | 187 |  | 185 |
Overfunded/(underfunded) status at end of year | (228) |  | (211) |  |  | 58 |  | 49 |
Presented as follows: |  |  |  |  |
Deferred amounts and other assets | — |  | — |  |  | 73 |  | 75 |
Other current liabilities | (12) |  | (12) |  |  | — |  | — |
Other long-term liabilities | (216) |  | (199) |  |  | (15) |  | (26) |
| (228) |  | (211) |  |  | 58 |  | 49 |
1 Primarily due to the decrease in the discount rate used to measure the defined benefit obligations (2022 - primarily due to increase in the discount rate used to measure the benefit obligations). Certain of our OPEB plans have accumulated benefit obligations in excess of the fair value of plan assets. For these plans, the accumulated benefit obligation and fair value of plan assets were as follows:
| Canada |  | US
December 31, | 2023 | 2022 |  | 2023 | 2022
(millions of Canadian dollars) |  |  |  |  |
Accumulated benefit obligation | 228 |  | 211 |  |  | 78 |  | 76 |
Fair value of plan assets | — |  | — |  |  | 63 |  | 50 |
Amount Recognized in Accumulated Other Comprehensive Income The amount of pre-tax AOCI relating to our OPEB plans are as follows:
| Canada |  | US
December 31, | 2023 | 2022 |  | 2023 | 2022
(millions of Canadian dollars) |  |  |  |  |
Net actuarial gain | (82) |  | (101) |  |  | (96) |  | (102) |
Prior service credit | (1) |  | (1) |  |  | (22) |  | (30) |
Total amount recognized in AOCI 1 | (83) |  | (102) |  |  | (118) |  | (132) |
1 Excludes amounts related to CTA. Net Periodic Benefit (Credit)/Cost and Other Amounts Recognized in Comprehensive Income The components of net periodic benefit (credit)/cost and other amounts recognized in pre-tax Comprehensive income related to our OPEB plans are as follows:
| Canada |  | US
Year ended December 31, | 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
(millions of Canadian dollars) |  |  |  |  |  |  |
Service cost | 3 |  | 4 |  | 6 |  |  | 1 |  | 1 |  | 1 |
Interest cost 1 | 11 |  | 7 |  | 7 |  |  | 6 |  | 3 |  | 3 |
Expected return on plan assets 1 | — |  | — |  | — |  |  | (11) |  | (12) |  | (10) |
Amortization/settlement of net actuarial gain 1 | (6) |  | (1) |  | — |  |  | (6) |  | (6) |  | (1) |
Amortization/curtailment of prior service credit 1 | — |  | — |  | — |  |  | (8) |  | (7) |  | (7) |
Net periodic benefit (credit)/cost recognized in Earnings | 8 |  | 10 |  | 13 |  |  | (18) |  | (21) |  | (14) |
Amount recognized in OCI: |  |  |  |  |  |  |
Amortization/settlement of net actuarial gain | 6 |  | 1 |  | — |  |  | 6 |  | 6 |  | 1 |
Amortization/curtailment of prior service credit | — |  | — |  | — |  |  | 8 |  | 7 |  | 7 |
Net actuarial (gain)/loss arising during the year | 13 |  | (67) |  | (50) |  |  | — |  | (4) |  | (80) |
Total amount recognized in OCI | 19 |  | (66) |  | (50) |  |  | 14 |  | 9 |  | (72) |
Total amount recognized in Comprehensive income | 27 |  | (56) |  | (37) |  |  | (4) |  | (12) |  | (86) |
1 Reported within Other income/(expense) in the Consolidated Statements of Earnings. The weighted average assumptions made in the measurement of the accumulated postretirement benefit obligation and net periodic benefit cost of our OPEB plans are as follows:
| Canada |  | US
| 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
Accumulated postretirement benefit obligation |  |  |  |  |  |  |
Discount rate | 4.6 | % | 5.3 | % | 3.2 | % |  | 4.7 | % | 4.9 | % | 2.4 | %
Net periodic benefit cost |  |  |  |  |  |  |
Discount rate | 5.3 | % | 3.2 | % | 2.6 | % |  | 4.9 | % | 2.4 | % | 2.0 | %
Rate of return on plan assets | N/A | N/A | N/A |  | 5.9 | % | 6.0 | % | 6.0 | %
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 |  | US 1
| 2023 | 2022 |  | 2023 | 2022
Health care cost trend rate assumed for next year | 4.0 | % | 4.0 | % |  | 4.7 | % | 4.7 | %
Rate to which the cost trend is assumed to decline (ultimate trend rate) | 4.0 | % | 4.0 | % |  | 3.3 | % | 3.3 | %
Year that the rate reaches the ultimate trend rate | N/A | N/A |  | 2022 - 2045 | 2021 - 2045
1 In addition, under the Enbridge Employee Services, Inc., Health Reimbursement Account Plan, health care costs will increase by 5.0% every three years. 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 overall expected rate of return on plan assets is based on the asset allocation targets with estimates for returns based on long-term expectations. The asset allocation targets and major categories of plan assets are as follows:
| Canada |  | US
| Target | December 31, |  | Target | December 31,
Asset Category | Allocation | 2023 | 2022 |  | Allocation | 2023 | 2022
Equity securities | 46.0 | % | 41.4 | % | 38.2 | % |  | 45.0 | % | 39.5 | % | 38.3 | %
Fixed income securities | 23.2 | % | 29.6 | % | 31.7 | % |  | 20.0 | % | 19.4 | % | 20.5 | %
Alternatives 1 | 30.8 | % | 29.0 | % | 30.1 | % |  | 35.0 | % | 41.1 | % | 41.2 | %
1 Alternatives include investments in private debt, private equity, infrastructure and real estate funds. Fund values are based on the net asset value of the funds that invest directly in the aforementioned underlying investments. The values of the investments have been estimated using the capital accounts representing the plan's ownership interest in the funds. Pension Plans The following table summarizes the fair value of plan assets for our pension plans recorded at each fair value hierarchy level:
| Canada |  | US
| 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, 2023 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 227 |  | — |  | — |  | 227 |  |  | 8 |  | — |  | — |  | 8 |
Equity securities 4 |  |  |  |  |  |  |  |  |
Canada | — |  | 3 |  | — |  | 3 |  |  | — |  | — |  | — |  | — |
Global | — |  | 1,871 |  | — |  | 1,871 |  |  | — |  | 416 |  | — |  | 416 |
Fixed income securities 4 |  |  |  |  |  |  |  |  |
Government | — |  | 446 |  | — |  | 446 |  |  | — |  | 46 |  | — |  | 46 |
Corporate | — |  | 667 |  | — |  | 667 |  |  | — |  | 149 |  | — |  | 149 |
Alternatives 5 | — |  | — |  | 1,290 |  | 1,290 |  |  | — |  | — |  | 433 |  | 433 |
Forward currency contracts | — |  | 24 |  | — |  | 24 |  |  | — |  | — |  | — |  | — |
Total pension plan assets at fair value | 227 |  | 3,011 |  | 1,290 |  | 4,528 |  |  | 8 |  | 611 |  | 433 |  | 1,052 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 272 |  | — |  | — |  | 272 |  |  | 13 |  | — |  | — |  | 13 |
Equity securities 4 |  |  |  |  |  |  |  |  |
Canada | — |  | 355 |  | — |  | 355 |  |  | — |  | — |  | — |  | — |
Global | — |  | 1,263 |  | — |  | 1,263 |  |  | — |  | 414 |  | — |  | 414 |
Fixed income securities 4 |  |  |  |  |  |  |  |  |
Government | 201 |  | 435 |  | — |  | 636 |  |  | — |  | 87 |  | — |  | 87 |
Corporate | — |  | 433 |  | — |  | 433 |  |  | — |  | 121 |  | — |  | 121 |
Alternatives 5 | — |  | — |  | 1,291 |  | 1,291 |  |  | — |  | — |  | 445 |  | 445 |
Forward currency contracts | — |  | (16) |  | — |  | (16) |  |  | — |  | — |  | — |  | — |
Total pension plan assets at fair value | 473 |  | 2,470 |  | 1,291 |  | 4,234 |  |  | 13 |  | 622 |  | 445 |  | 1,080 |
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 Pension plan assets include $61 million (2022 - $32 million) of equity and fixed income securities investments held with related parties. 5 Alternatives include investments in private debt, private equity, infrastructure and real estate funds. Changes in the net fair value of pension plan assets classified as Level 3 in the fair value hierarchy were as follows:
| Canada |  | US
December 31, | 2023 | 2022 |  | 2023 | 2022
(millions of Canadian dollars) |  |  |  |  |
Balance at beginning of year | 1,291 |  | 1,064 |  |  | 445 |  | 337 |
Unrealized and realized gains/(losses) | (41) |  | 155 |  |  | (12) |  | 78 |
Purchases and settlements, net | 40 |  | 72 |  |  | — |  | 30 |
Balance at end of year | 1,290 |  | 1,291 |  |  | 433 |  | 445 |
OPEB Plans The following table summarizes the fair value of plan assets for our US funded OPEB plans recorded at each fair value hierarchy level:
|  |  |  |  |  | Level 1 1 | Level 2 2 | Level 3 3 | Total
(millions of Canadian dollars) |  |  |  |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  | 3 |  | — |  | — |  | 3 |
Equity securities |  |  |  |  |  |  |  |  |
US |  |  |  |  |  | — |  | 36 |  | — |  | 36 |
Global |  |  |  |  |  | — |  | 62 |  | — |  | 62 |
Fixed income securities |  |  |  |  |  |  |  |  |
Government |  |  |  |  |  | 42 |  | 3 |  | — |  | 45 |
Corporate |  |  |  |  |  | — |  | 12 |  | — |  | 12 |
Alternatives 4 |  |  |  |  |  | — |  | — |  | 29 |  | 29 |
Total OPEB plan assets at fair value |  |  |  |  |  | 45 |  | 113 |  | 29 |  | 187 |
December 31, 2022 |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  | 2 |  | — |  | — |  | 2 |
Equity securities |  |  |  |  |  |  |  |  |
US |  |  |  |  |  | — |  | 34 |  | — |  | 34 |
Global |  |  |  |  |  | — |  | 62 |  | — |  | 62 |
Fixed income securities |  |  |  |  |  |  |  |  |
Government |  |  |  |  |  | 46 |  | 5 |  | — |  | 51 |
Corporate |  |  |  |  |  | — |  | 8 |  | — |  | 8 |
Alternatives 4 |  |  |  |  |  | — |  | — |  | 28 |  | 28 |
Total OPEB plan assets at fair value |  |  |  |  |  | 48 |  | 109 |  | 28 |  | 185 |
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 Alternatives includes investments in private debt, private equity, infrastructure and real estate. Changes in the net fair value of US funded OPEB plan assets classified as Level 3 in the fair value hierarchy were as follows:
December 31, |  |  |  | 2023 | 2022
(millions of Canadian dollars) |  |  |  |  |
Balance at beginning of year |  |  |  | 28 |  | 22 |
Unrealized and realized gains |  |  |  | 1 |  | 4 |
Purchases and settlements, net |  |  |  | — |  | 2 |
Balance at end of year |  |  |  | 29 |  | 28 |
EXPECTED BENEFIT PAYMENTS
Year ending December 31, | 2024 | 2025 | 2026 | 2027 | 2028 | 2029-2033
(millions of Canadian dollars) |  |  |  |  |  |
Pension |  |  |  |  |  |
Canada | 207 |  | 213 |  | 219 |  | 224 |  | 230 |  | 1,234 |
US | 87 |  | 87 |  | 87 |  | 86 |  | 81 |  | 393 |
OPEB |  |  |  |  |  |
Canada | 13 |  | 13 |  | 13 |  | 13 |  | 13 |  | 70 |
US | 16 |  | 15 |  | 14 |  | 13 |  | 12 |  | 49 |
EXPECTED EMPLOYER CONTRIBUTIONS In 2024, we expect to contribute approximately $18 million and $5 million to the Canadian and US pension plans, respectively, and $13 million and $6 million to the Canadian and US OPEB plans, respectively. RETIREMENT SAVINGS PLANS In addition to the pension and OPEB plans discussed above, we also have defined contribution employee savings plans available to US employees. Employees may participate in a matching contribution where we match a certain percentage of before-tax employee contributions of up to 6.0% of eligible pay per pay period. For the year ended December 31, 2023, pre-tax employer matching contribution costs were $33 million ($30 million in 2022 and $27 million in 2021).

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