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EMPLOYEE POST-RETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Contributions for Defined Benefit Plans

Total cash contributions by the Company for employee post-retirement benefits were as follows:

year ended December 31	2019			2018			2017
(millions of Canadian $)
DB Plans	122			103			163
Other post-retirement benefit plans	22			23			7
Savings and DC Plans	61			59			42
	205			185			212

Schedule of Change in Benefit Obligations, Change in Plan Assets, and Funded Status

The Company's funded status at December 31 is comprised of the following:

at December 31	Pension Benefit Plans						Other Post-Retirement Benefit Plans
(millions of Canadian $)	2019			2018			2019			2018
Change in Benefit Obligation1
Benefit obligation – beginning of year	3,653			3,646			430			375
Service cost	126			121			5			4
Interest cost	142			134			17			14
Employee contributions	5			5			—			—
Benefits paid	(213	)		(177	)		(24	)		(23	)
Actuarial loss/(gain)	394			(92	)		13			43
Settlement	—			(71	)		—			—
Foreign exchange rate changes	(49	)		87			(14	)		17
Benefit obligation – end of year	4,058			3,653			427			430
Change in Plan Assets
Plan assets at fair value – beginning of year	3,321			3,451			376			365
Actual return on plan assets	505			(73	)		52			(15	)
Employer contributions2	122			103			22			23
Employee contributions	5			5			—			—
Benefits paid	(212	)		(176	)		(24	)		(27	)
Settlement	—			(71	)		—			—
Foreign exchange rate changes	(48	)		82			(20	)		30
Plan assets at fair value – end of year	3,693			3,321			406			376
Funded Status – Plan Deficit	(365	)		(332	)		(21	)		(54	)

1 The benefit obligation for the Company’s pension benefit plans represents the projected benefit obligation. The benefit obligation for the Company’s other post-retirement benefit plans represents the accumulated post-retirement benefit obligation.

2

Excludes a $12 million letter of credit provided to the Canadian DB Plan for funding purposes (2018 – $17 million).

Schedule of Amounts Recognized in the Balance Sheet for its DB Plans and Other Post-Retirement Benefits Plans

The amounts recognized on the Company's Consolidated balance sheet for its DB Plans and other post-retirement benefits plans are as follows:

at December 31	Pension Benefit Plans						Other Post-Retirement Benefit Plans
(millions of Canadian $)	2019			2018			2019			2018
Intangible and other assets (Note 13)	—			—			162			192
Accounts payable and other	—			(1	)		(8	)		(8	)
Other long-term liabilities (Note 16)	(365	)		(331	)		(175	)		(238	)
	(365	)		(332	)		(21	)		(54	)

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Included in the above benefit obligation and fair value of plan assets were the following amounts for plans that are not fully funded:

at December 31	Pension Benefit Plans						Other Post-Retirement Benefit Plans
(millions of Canadian $)	2019			2018			2019			2018
Projected benefit obligation1	(4,058	)		(3,653	)		(182	)		(246	)
Plan assets at fair value	3,693			3,321			—			—
Funded Status – Plan Deficit	(365	)		(332	)		(182	)		(246	)

1

The projected benefit obligation for the pension benefit plans differs from the accumulated benefit obligation in that it includes an assumption with respect to future compensation levels.

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets for All DB Plans

The funded status based on the accumulated benefit obligation for all DB Plans is as follows:

at December 31	2019			2018
(millions of Canadian $)
Accumulated benefit obligation	(3,719	)		(3,347	)
Plan assets at fair value	3,693			3,321
Funded Status – Plan Deficit	(26	)		(26	)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets for Plans Not Fully Funded

Included in the above accumulated benefit obligation and fair value of plan assets are the following amounts in respect of plans that are not fully funded.

at December 31	2019			2018
(millions of Canadian $)
Accumulated benefit obligation	(2,397	)		(3,347	)
Plan assets at fair value	2,351			3,321
Funded Status – Plan Deficit	(46	)		(26	)

Schedule of Weighted Average Asset Allocations and Target Allocations by Asset Category

The Company pension plans' weighted average asset allocations and target allocations by asset category were as follows:

	Percentage of Plan Assets						Target Allocations
at December 31	2019			2018			2019
Debt securities	32	%		33	%		25% to 45%
Equity securities	58	%		56	%		40% to 70%
Alternatives	10	%		11	%		5% to 15%
	100	%		100	%

Schedule of Allocation of Plan Assets, Employer and Related Party Securities

Debt and equity securities include the Company's debt and common shares as follows:

at December 31							Percentage of Plan Assets
(millions of Canadian $)	2019			2018			2019			2018
Debt securities	9			8			0.2	%		0.3	%
Equity securities	15			7			0.4	%		0.2	%

Schedule of Plan Assets for DB Plans and Other Post-Retirement Benefits Measured at Fair Value

The following table presents plan assets for DB Plans and other post-retirement benefits measured at fair value, which have been categorized into the three categories based on a fair value hierarchy. For additional information on the fair value hierarchy, refer to Note 25, Risk management and financial instruments.

at December 31	Quoted Prices in Active Markets (Level I)						Significant Other Observable Inputs (Level II)						Significant Unobservable Inputs (Level III)						Total						Percentage of Total Portfolio
(millions of Canadian $)	2019			2018			2019			2018			2019			2018			2019			2018			2019		2018
Asset Category
Cash and Cash Equivalents	58			48			—			—			—			—			58			48			1		1
Equity Securities:
Canadian	402			355			189			138			—			—			591			493			14		13
U.S.	523			460			156			116			—			—			679			576			17		16
International	46			40			320			281			—			—			366			321			9		9
Global	136			116			297			268			—			—			433			384			11		10
Emerging	8			8			126			138			—			—			134			146			3		4
Fixed Income Securities:
Canadian Bonds:
Federal	—			—			198			186			—			—			198			186			5		5
Provincial	—			—			246			198			—			—			246			198			6		5
Municipal	—			—			12			8			—			—			12			8			—		1
Corporate	—			—			125			112			—			—			125			112			3		3
U.S. Bonds:
Federal	421			350			7			—			—			—			428			350			11		9
State	—			—			—			—			—			—			—			—			—		—
Municipal	—			—			1			—			—			—			1			—			—		—
Corporate	67			145			120			51			—			—			187			196			5		5
International:
Government	7			6			4			4			—			—			11			10			—		1
Corporate	—			19			52			18			—			—			52			37			1		1
Mortgage backed	46			128			7			—			—			—			53			128			1		3
Other Investments:
Real estate	—			—			—			—			196			196			196			196			5		5
Infrastructure	—			—			—			—			181			163			181			163			4		4
Private equity funds	—			—			—			—			2			3			2			3			—		1
Funds held on deposit	146			142			—			—			—			—			146			142			4		4
	1,860			1,817			1,860			1,518			379			362			4,099			3,697			100		100

Schedule of the Net Change in the Level III Fair Value Category

The following table presents the net change in the Level III fair value category:

(millions of Canadian $, pre-tax)
Balance at December 31, 2017	216
Purchases and sales	127
Realized and unrealized gains	19
Balance at December 31, 2018	362
Purchases and sales	35
Realized and unrealized losses	(18	)
Balance at December 31, 2019	379

Schedule of Estimated Future Benefit Payments

The following are estimated future benefit payments, which reflect expected future service:

(millions of Canadian $)	Pension Benefits			Other Post- Retirement Benefits
2020	195			25
2021	199			25
2022	203			24
2023	207			24
2024	209			24
2025 to 2029	1,084			117

Schedule of Weighted Average Assumptions Used in Calculating Benefit Obligation

The significant weighted average actuarial assumptions adopted in measuring the Company's benefit obligations were as follows:

	Pension Benefit Plans						Other Post-Retirement Benefit Plans
at December 31	2019			2018			2019			2018
Discount rate	3.20	%		3.90	%		3.35	%		4.10	%
Rate of compensation increase	3.00	%		3.00	%		—			—

Schedule of Significant Weighted Average Actuarial Assumptions Adopted in Measuring Net Benefit Plan Costs

The significant weighted average actuarial assumptions adopted in measuring the Company's net benefit plan costs were as follows:

	Pension Benefit Plans									Other Post-Retirement Benefit Plans
year ended December 31	2019			2018			2017			2019			2018			2017
Discount rate	3.90	%		3.60	%		3.95	%		4.10	%		3.70	%		4.15	%
Expected long-term rate of return on plan assets	6.60	%		6.70	%		6.50	%		4.30	%		4.00	%		6.05	%
Rate of compensation increase	3.00	%		3.00	%		1.20	%		—			—			—

Schedule of Effects of a 1% Change in Assumed Health Care Cost Trend Rates

A one per cent change in assumed health care cost trend rates would have the following effects:

(millions of Canadian $)	Increase			Decrease
Effect on total of service and interest cost components	2			(2	)
Effect on post-retirement benefit obligation	31			(25	)

Schedule of Net Benefit Costs

The net benefit cost recognized for the Company’s pension benefit plans and other post-retirement benefit plans is as follows:

at December 31	Pension Benefit Plans									Other Post-Retirement Benefit Plans
(millions of Canadian $)	2019			2018			2017			2019			2018			2017
Service cost1	126			121			108			5			4			4
Other components of net benefit cost1
Interest cost	142			134			122			17			14			14
Expected return on plan assets	(222	)		(221	)		(178	)		(15	)		(16	)		(21	)
Amortization of actuarial loss	12			15			14			2			1			1
Amortization of regulatory asset	14			18			37			2			—			1
Settlement charge – regulatory asset	—			—			2			—			—			—
Settlement charge – AOCI	—			4			2			—			—			—
	(54	)		(50	)		(1	)		6			(1	)		(5	)
Net Benefit Cost Recognized	72			71			107			11			3			(1	)

1

Service cost and other components of net benefit cost are included in Plant operating costs and other in the Consolidated statement of income.

Schedule of the Pre-Tax Amounts Recognized in AOCI

Pre-tax amounts recognized in AOCI were as follows:

	2019						2018						2017
at December 31	Pension Benefits			Other Post- Retirement Benefits			Pension Benefits			Other Post- Retirement Benefits			Pension Benefits			Other Post- Retirement Benefits
(millions of Canadian $)
Net loss	398			20			364			53			273			11

Schedule of the Pre-Tax Amounts Recognized in OCI

Pre-tax amounts recognized in OCI were as follows:

	2019						2018						2017
at December 31	Pension Benefits			Other Post- Retirement Benefits			Pension Benefits			Other Post- Retirement Benefits			Pension Benefits			Other Post- Retirement Benefits
(millions of Canadian $)
Amortization of net loss from AOCI to net income	(12	)		(2	)		(15	)		(1	)		(18	)		(1	)
Curtailment	—			—			—			—			(14	)		(2	)
Settlement	—			—			(4	)		—			(11	)		—
Funded status adjustment	52			(37	)		110			43			46			(7	)
	40			(39	)		91			42			3			(10	)

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