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Employee Future Benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Summary of Pension and Retiree Welfare Plans | (c) Pension and retiree welfare plans
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |
Changes in defined benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance |  | $ | 4,817 |  |  | $ | 4,675 |  |  |  |  |  |  | $ | 645 |  |  | $ | 640 |
Current service cost |  |  | 41 |  |  |  | 40 |  |  |  |  |  |  |  | – |  |  |  | – |
Interest cost |  |  | 150 |  |  |  | 182 |  |  |  |  |  |  |  | 20 |  |  |  | 25 |
Plan participants’ contributions |  |  | – |  |  |  | 1 |  |  |  |  |  |  |  | 3 |  |  |  | 3 |
Actuarial losses (gains) due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Experience |  |  | 2 |  |  |  | 8 |  |  |  |  |  |  |  | (14 | ) |  |  | (10 | )
Demographic assumption changes |  |  | (67 | ) |  |  | – |  |  |  |  |  |  |  | (12 | ) |  |  | – |
Economic assumption changes |  |  | 333 |  |  |  | 413 |  |  |  |  |  |  |  | 49 |  |  |  | 56 |
Benefits paid |  |  | (318 | ) |  |  | (358 | ) |  |  |  |  |  |  | (45 | ) |  |  | (46 | )
Impact of changes in foreign exchange rates |  |  | (57 | ) |  |  | (144 | ) |  |  |  |  |  |  | (8 | ) |  |  | (23 | )
Defined benefit obligation, December 31 |  | $ | 4,901 |  |  | $ | 4,817 |  |  |  |  |  |  | $ | 638 |  |  | $ | 645 |
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, opening balance |  | $ | 4,453 |  |  | $ | 4,187 |  |  |  |  |  |  | $ | 598 |  |  | $ | 610 |
Interest income |  |  | 140 |  |  |  | 164 |  |  |  |  |  |  |  | 19 |  |  |  | 25 |
Return on plan assets (excluding interest income) |  |  | 310 |  |  |  | 529 |  |  |  |  |  |  |  | 33 |  |  |  | 25 |
Employer contributions |  |  | 71 |  |  |  | 75 |  |  |  |  |  |  |  | 11 |  |  |  | 12 |
Plan participants’ contributions |  |  | – |  |  |  | 1 |  |  |  |  |  |  |  | 3 |  |  |  | 3 |
Benefits paid |  |  | (318 | ) |  |  | (358 | ) |  |  |  |  |  |  | (45 | ) |  |  | (46 | )
Administration costs |  |  | (7 | ) |  |  | (9 | ) |  |  |  |  |  |  | (2 | ) |  |  | (2 | )
Impact of changes in foreign exchange rates |  |  | (54 | ) |  |  | (136 | ) |  |  |  |  |  |  | (11 | ) |  |  | (29 | )
Fair value of plan assets, December 31 |  | $ | 4,595 |  |  | $ | 4,453 |  |  |  |  |  |  | $ | 606 |  |  | $ | 598 |
Summary of Amounts Recognized in Consolidated Statements of Financial Position | (d) Amounts recognized in the Consolidated Statements of Financial Position
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
As at December 31, |  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |
Development of net defined benefit liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defined benefit obligation |  | $ | 4,901 |  |  | $ | 4,817 |  |  |  |  |  |  | $ | 638 |  |  | $ | 645 |
Fair value of plan assets |  |  | 4,595 |  |  |  | 4,453 |  |  |  |  |  |  |  | 606 |  |  |  | 598 |
Deficit |  |  | 306 |  |  |  | 364 |  |  |  |  |  |  |  | 32 |  |  |  | 47 |
Effect of asset limit (1) |  |  | – |  |  |  | 4 |  |  |  |  |  |  |  | – |  |  |  | – |
Deficit (surplus) and net defined benefit liability (asset) |  |  | 306 |  |  |  | 368 |  |  |  |  |  |  |  | 32 |  |  |  | 47 |
Deficit is comprised of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded or partially funded plans |  |  | (446 | ) |  |  | (391 | ) |  |  |  |  |  |  | (134 | ) |  |  | (120 | )
Unfunded plans |  |  | 752 |  |  |  | 759 |  |  |  |  |  |  |  | 166 |  |  |  | 167 |
Deficit (surplus) and net defined benefit liability (asset) |  | $ | 306 |  |  | $ | 368 |  |  |  |  |  |  | $ | 32 |  |  | $ | 47 |
(1) | In 2019, the Company recognized an impairment of $4 on the net defined benefit asset for one of its registered pension plans in Canada.
Summary of Disaggregation of Defined Benefit Obligation | (e) Disaggregation of defined benefit obligation
|  | U.S. plans |  |  |  |  |  | Canadian plans |
|  | Pension plans |  |  | Retiree welfare plans |  |  |  |  |  | Pension plans |  |  | Retiree welfare plans |
As at December 31, |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Active members |  | $ | 551 |  |  | $ | 550 |  |  | $ | 27 |  |  | $ | 31 |  |  |  |  |  |  | $ | 211 |  |  | $ | 301 |  |  | $ | – |  |  | $ | 25 |
Inactive and retired members |  |  | 2,528 |  |  |  | 2,529 |  |  |  | 445 |  |  |  | 447 |  |  |  |  |  |  |  | 1,611 |  |  |  | 1,437 |  |  |  | 166 |  |  |  | 142 |
Total |  | $ | 3,079 |  |  | $ | 3,079 |  |  | $ | 472 |  |  | $ | 478 |  |  |  |  |  |  | $ | 1,822 |  |  | $ | 1,738 |  |  | $ | 166 |  |  | $ | 167 |
Summary of Major Categories of Plan Assets and Actual Per Cent Allocation to Each Category | (f) Fair value measurements The major categories of plan assets and the allocation to each category are as follows.
|  | U.S. plans (1) |  |  |  |  |  | Canadian plans (2) |
|  | Pension plans |  |  | Retiree welfare plans |  |  |  |  |  | Pension plans |  |  | Retiree welfare plans |
As at December 31, 2020 |  | Fair value |  |  | % of total |  |  | Fair value |  |  | % of total |  |  |  |  |  | Fair value |  |  | % of total |  |  | Fair value |  |  | % of total |
Cash and cash equivalents |  | $ | 17 |  |  |  | 1% |  |  | $ | 30 |  |  |  | 5% |  |  |  |  |  |  | $ | 10 |  |  |  | 1% |  |  | $ | – |  |  |  | – |
Equity securities (3) |  |  | 612 |  |  |  | 20% |  |  |  | 49 |  |  |  | 8% |  |  |  |  |  |  |  | 339 |  |  |  | 22% |  |  |  | – |  |  |  | – |
Debt securities |  |  | 2,175 |  |  |  | 71% |  |  |  | 520 |  |  |  | 86% |  |  |  |  |  |  |  | 1,186 |  |  |  | 77% |  |  |  | – |  |  |  | – |
Other investments (4) |  |  | 254 |  |  |  | 8% |  |  |  | 7 |  |  |  | 1% |  |  |  |  |  |  |  | 2 |  |  |  | 0% |  |  |  | – |  |  |  | – |
Total |  | $ | 3,058 |  |  |  | 100% |  |  | $ | 606 |  |  |  | 100% |  |  |  |  |  |  | $ | 1,537 |  |  |  | 100% |  |  | $ | – |  |  |  | – |
|  | U.S. plans (1) |  |  |  |  |  | Canadian plans (2) |
|  | Pension plans |  |  | Retiree welfare plans |  |  |  |  |  | Pension plans |  |  | Retiree welfare plans |
As at December 31, 2019 |  | Fair value |  |  | % of total |  |  | Fair value |  |  | % of total |  |  |  |  |  | Fair value |  |  | % of total |  |  | Fair value |  |  | % of total |
Cash and cash equivalents |  | $ | 32 |  |  |  | 1% |  |  | $ | 35 |  |  |  | 6% |  |  |  |  |  |  | $ | 12 |  |  |  | 1% |  |  | $ | – |  |  |  | – |
Equity securities (3) |  |  | 563 |  |  |  | 19% |  |  |  | 45 |  |  |  | 8% |  |  |  |  |  |  |  | 311 |  |  |  | 21% |  |  |  | – |  |  |  | – |
Debt securities |  |  | 2,155 |  |  |  | 72% |  |  |  | 511 |  |  |  | 85% |  |  |  |  |  |  |  | 1,123 |  |  |  | 78% |  |  |  | – |  |  |  | – |
Other investments (4) |  |  | 255 |  |  |  | 8% |  |  |  | 7 |  |  |  | 1% |  |  |  |  |  |  |  | 2 |  |  |  | 0% |  |  |  | – |  |  |  | – |
Total |  | $ | 3,005 |  |  |  | 100% |  |  | $ | 598 |  |  |  | 100% |  |  |  |  |  |  | $ | 1,448 |  |  |  | 100% |  |  | $ | – |  |  |  | – |
(1) | All the U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private equity, timber and agriculture assets. In the aggregate, the latter assets represent approximately 7% of all U.S. pension and retiree welfare plan assets as at December 31, 2020 (2019 – 7%).
(2) | All the Canadian pension plan assets have daily quoted prices in active markets, except for the group annuity contract assets that represent approximately 0.1% of all Canadian pension plan assets as at December 31, 2020 (2019 – 0.1%).
(3) | Equity securities include direct investments in MFC common shares of $1.1 (2019 – $1.3) in the U.S. retiree welfare plan and $nil (2019 – $nil) in Canada.
(4) | Other U.S. plan assets include investment in private equity, timberland and agriculture, and managed futures. Other Canadian pension plan assets include investment in the group annuity contract.
Summary of Components of Net Benefit Cost for Pension Plans and Retiree Welfare Plans | (g) Net benefit cost recognized in the Consolidated Statements of Income Components of the net benefit cost for the pension plans and retiree welfare plans were as follows.
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |
Defined benefit current service cost |  | $ | 41 |  |  | $ | 40 |  |  |  |  |  |  | $ | – |  |  | $ | – |
Defined benefit administrative expenses |  |  | 7 |  |  |  | 9 |  |  |  |  |  |  |  | 2 |  |  |  | 2 |
Service cost |  |  | 48 |  |  |  | 49 |  |  |  |  |  |  |  | 2 |  |  |  | 2 |
Interest on net defined benefit (asset) liability |  |  | 10 |  |  |  | 18 |  |  |  |  |  |  |  | 1 |  |  |  | – |
Defined benefit cost |  |  | 58 |  |  |  | 67 |  |  |  |  |  |  |  | 3 |  |  |  | 2 |
Defined contribution cost |  |  | 84 |  |  |  | 80 |  |  |  |  |  |  |  | – |  |  |  | – |
Net benefit cost |  | $ | 142 |  |  | $ | 147 |  |  |  |  |  |  | $ | 3 |  |  | $ | 2 |
Summary of Re-measurement Effects Recognized in Other Comprehensive Income | (h) Re-measurement effects recognized in Other Comprehensive Income
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |
Actuarial gains (losses) on defined benefit obligations due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Experience |  | $ | (2 | ) |  | $ | (8 | ) |  |  |  |  |  | $ | 14 |  |  | $ | 10 |
Demographic assumption changes |  |  | 67 |  |  |  | – |  |  |  |  |  |  |  | 12 |  |  |  | – |
Economic assumption changes |  |  | (333 | ) |  |  | (413 | ) |  |  |  |  |  |  | (49 | ) |  |  | (56 | )
Return on plan assets (excluding interest income) |  |  | 310 |  |  |  | 529 |  |  |  |  |  |  |  | 33 |  |  |  | 25 |
Change in effect of asset limit |  |  | 5 |  |  |  | 5 |  |  |  |  |  |  |  | – |  |  |  | – |
Total re-measurement effects |  | $ | 47 |  |  | $ | 113 |  |  |  |  |  |  | $ | 10 |  |  | $ | (21 | )
Summary of Key Assumptions Used by to Determine Defined Benefit Obligation and Net Benefit Cost for Defined Benefit Pension Plans and Retiree Welfare Plans | (i) Assumptions The key assumptions used by the Company to determine the defined benefit obligation and net benefit cost for the defined benefit pension plans and retiree welfare plans were as follows.
|  | U.S. Plans |  |  |  |  |  | Canadian Plans |
|  | Pension plans |  |  | Retiree welfare plans |  |  |  |  |  | Pension plans |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
To determine the defined benefit obligation at end of year (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 2.4% |  |  |  | 3.2% |  |  |  | 2.4% |  |  |  | 3.2% |  |  |  |  |  |  |  | 2.5% |  |  |  | 3.1% |  |  |  | 2.6% |  |  |  | 3.1% |
Initial health care cost trend rate (2) |  |  | n/a |  |  |  | n/a |  |  |  | 7.3% |  |  |  | 7.5% |  |  |  |  |  |  |  | n/a |  |  |  | n/a |  |  |  | 5.5% |  |  |  | 5.6% |
To determine the defined benefit cost for the year (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.2% |  |  |  | 4.3% |  |  |  | 3.2% |  |  |  | 4.3% |  |  |  |  |  |  |  | 3.1% |  |  |  | 3.8% |  |  |  | 3.1% |  |  |  | 3.8% |
Initial health care cost trend rate (2) |  |  | n/a |  |  |  | n/a |  |  |  | 7.5% |  |  |  | 7.8% |  |  |  |  |  |  |  | n/a |  |  |  | n/a |  |  |  | 5.6% |  |  |  | 5.7% |
(1) | Inflation and salary increase assumptions are not shown as they do not materially affect obligations and cost.
(2) | The health care cost trend rate used to measure the U.S. based retiree welfare obligation was 7.3% grading to 4.5% for 2032 and years thereafter (2019 – 7.5% grading to 4.5% for 2032) and to measure the net benefit cost was 7.5% grading to 4.5% for 2032 and years thereafter (2019 – 7.8% grading to 5.0% for 2030). In Canada, the rate used to measure the retiree welfare obligation was 5.5% grading to 4.8% for 2026 and years thereafter (2019 – 5.6% grading to 4.8% for 2026) and to measure the net benefit cost was 5.6% grading to 4.8% for 2026 and years thereafter (2019 – 5.7% grading to 4.8% for 2026).
Assumptions regarding future mortality are based on published statistics and mortality tables. The current life expectancies underlying the values of the obligations in the defined benefit pension and retiree welfare plans are as follows.
Summary of Life Expectancies Underlying Values of Obligations in Defined Benefit Pension and Retiree Welfare Plans |
As at December 31, 2020 |  | U.S. |  |  | Canada |
Life expectancy (in years) for those currently age 65 |  |  |  |  |  |  |  |
Males |  |  | 21.9 |  |  |  | 23.8 |
Females |  |  | 23.4 |  |  |  | 25.6 |
Life expectancy (in years) at age 65 for those currently age 45 |  |  |  |  |  |  |  |
Males |  |  | 23.3 |  |  |  | 24.7 |
Females |  |  | 24.8 |  |  |  | 26.5 |
Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions | (j) Sensitivity of assumptions on obligations Assumptions used can have a significant effect on the obligations reported for defined benefit pension and retiree welfare plans. The potential impact on the obligations arising from changes in the key assumptions is set out in the following table. The sensitivities assume all other assumptions are held constant. In actuality, inter-relationships with other assumptions may exist.
As at December 31, 2020 |  | Pension plans |  |  | Retiree welfare plans |
Discount rate: |  |  |  |  |  |  |  |
Impact of a 1% increase |  | $ | (467 | ) |  | $ | (67 | )
Impact of a 1% decrease |  |  | 554 |  |  |  | 82 |
Health care cost trend rate: |  |  |  |  |  |  |  |
Impact of a 1% increase |  |  | n/a |  |  |  | 20 |
Impact of a 1% decrease |  |  | n/a |  |  |  | (17 | )
Mortality rates (1) |  |  |  |  |  |  |  |
Impact of a 10% decrease |  |  | 143 |  |  |  | 16 |
(1) | If the actuarial estimates of mortality are adjusted in the future to reflect unexpected decreases in mortality, the effect of a 10% decrease in mortality rates at each future age would be an increase in life expectancy at age 65 of 0.8 years for U.S. males and females and 0.7 years and 0.8 years for Canadian males and females, respectively.
Summary of Weighted Average Duration of the Defined Benefit Obligations | (k) Maturity profile The weighted average duration (in years) of the defined benefit obligations is as follows.
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
As at December 31, |  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |
U.S. plans |  |  | 9.9 |  |  |  | 9.3 |  |  |  |  |  |  |  | 9.8 |  |  |  | 9.7 |
Canadian plans |  |  | 12.5 |  |  |  | 12.3 |  |  |  |  |  |  |  | 14.7 |  |  |  | 14.3 |
Summary of Cash Payments | (l) Cash flows – contributions Total cash payments for all employee future benefits, comprised of cash contributed by the Company to funded defined benefit pension and retiree welfare plans, cash payments directly to beneficiaries in respect of unfunded pension and retiree welfare plans, and cash contributed to defined contribution pension plans, are as follows.
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2020 |  |  | 2019 |  |  |  |  |  | 2020 |  |  | 2019 |
Defined benefit plans |  | $ | 71 |  |  | $ | 75 |  |  |  |  |  |  | $ | 11 |  |  | $ | 12 |
Defined contribution plans |  |  | 84 |  |  |  | 80 |  |  |  |  |  |  |  | – |  |  |  | – |
Total |  | $ | 155 |  |  | $ | 155 |  |  |  |  |  |  | $ | 11 |  |  | $ | 12 |

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