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Employee Future Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Text block [abstract] |
Summary of Pension and Retiree Welfare Plans | (c) Pension and retiree welfare plans The following tables present the reconciliation of defined benefit obligation and fair value of plan assets for the pension plans and retiree welfare plans.
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |
Changes in defined benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Opening balance |  | $ | 4,560 |  |  | $ | 4,901 |  |  |  |  |  |  | $ | 584 |  |  | $ | 638 |
Current service cost |  |  | 43 |  |  |  | 44 |  |  |  |  |  |  |  | – |  |  |  | – |
Past service cost - amendment |  |  | (6 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |
Interest cost |  |  | 127 |  |  |  | 115 |  |  |  |  |  |  |  | 16 |  |  |  | 15 |
Plan participants’ contributions |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 3 |  |  |  | 3 |
Actuarial losses (gains) due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Experience |  |  | 5 |  |  |  | 3 |  |  |  |  |  |  |  | (13 | ) |  |  | – |
Demographic assumption changes |  |  | – |  |  |  | 7 |  |  |  |  |  |  |  | – |  |  |  | 1 |
Economic assumption changes |  |  | (835 | ) |  |  | (194 | ) |  |  |  |  |  |  | (112 | ) |  |  | (29 | )
Benefits paid |  |  | (299 | ) |  |  | (303 | ) |  |  |  |  |  |  | (40 | ) |  |  | (42 | )
Impact of changes in foreign exchange rates |  |  | 199 |  |  |  | (13 | ) |  |  |  |  |  |  | 28 |  |  |  | (2 | )
Defined benefit obligation, December 31 |  | $ | 3,794 |  |  | $ | 4,560 |  |  |  |  |  |  | $ | 466 |  |  | $ | 584 |
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets, opening balance |  | $ | 4,510 |  |  | $ | 4,595 |  |  |  |  |  |  | $ | 587 |  |  | $ | 606 |
Interest income |  |  | 127 |  |  |  | 109 |  |  |  |  |  |  |  | 16 |  |  |  | 14 |
Return on plan assets (excluding interest income) |  |  | (869 | ) |  |  | 70 |  |  |  |  |  |  |  | (91 | ) |  |  | (1 | )
Employer contributions |  |  | 59 |  |  |  | 61 |  |  |  |  |  |  |  | 11 |  |  |  | 11 |
Plan participants’ contributions |  |  | – |  |  |  | – |  |  |  |  |  |  |  | 3 |  |  |  | 3 |
Benefits paid |  |  | (299 | ) |  |  | (303 | ) |  |  |  |  |  |  | (40 | ) |  |  | (42 | )
Administration costs |  |  | (11 | ) |  |  | (9 | ) |  |  |  |  |  |  | (2 | ) |  |  | (2 | )
Impact of changes in foreign exchange rates |  |  | 205 |  |  |  | (13 | ) |  |  |  |  |  |  | 39 |  |  |  | (2 | )
Fair value of plan assets, December 31 |  | $ | 3,722 |  |  | $ | 4,510 |  |  |  |  |  |  | $ | 523 |  |  | $ | 587 |
Summary of Amounts Recognized in Consolidated Statements of Financial Position | (d) Amounts recognized in the Consolidated Statements of Financial Position The following table presents the deficit (surplus) and net defined benefit liability (asset) for the pension plans and retiree welfare plans.
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
As at December 31, |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |
Development of net defined benefit liability |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defined benefit obligation |  | $ | 3,794 |  |  | $ | 4,560 |  |  |  |  |  |  | $ | 466 |  |  | $ | 584 |
Fair value of plan assets |  |  | 3,722 |  |  |  | 4,510 |  |  |  |  |  |  |  | 523 |  |  |  | 587 |
Deficit (surplus) |  |  | 72 |  |  |  | 50 |  |  |  |  |  |  |  | (57 | ) |  |  | (3 | )
Effect of asset limit (1) |  |  | 48 |  |  |  | 37 |  |  |  |  |  |  |  | – |  |  |  | – |
Deficit (surplus) and net defined benefit liability (asset) |  |  | 120 |  |  |  | 87 |  |  |  |  |  |  |  | (57 | ) |  |  | (3 | )
Deficit is comprised of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded or partially funded plans |  |  | (441 | ) |  |  | (600 | ) |  |  |  |  |  |  | (168 | ) |  |  | (154 | )
Unfunded plans |  |  | 561 |  |  |  | 687 |  |  |  |  |  |  |  | 111 |  |  |  | 151 |
Deficit (surplus) and net defined benefit liability (asset) |  | $ | 120 |  |  | $ | 87 |  |  |  |  |  |  | $ | (57 | ) |  | $ | (3 | )
(1) | The asset limit relates to a registered pension plan in Canada. The surplus in that plan is above the present value of economic benefits that can be derived by the Company through reductions in future contributions. For the other funded pension plans, the present value of the economic benefits available in the form of reductions in future contributions to the plans remains greater than the current surplus.
Summary of Disaggregation of Defined Benefit Obligation | (e) Disaggregation of defined benefit obligation The following table presents components of the defined benefit obligation between active members and inactive and retired members.
|  | U.S. plans |  |  |  |  |  | Canadian plans |
|  | Pension plans |  |  | Retiree welfare plans |  |  |  |  |  | Pension plans |  |  | Retiree welfare plans |
As at December 31, |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Active members |  | $ | 509 |  |  | $ | 537 |  |  | $ | 11 |  |  | $ | 17 |  |  |  |  |  |  | $ | 125 |  |  | $ | 184 |  |  | $ | – |  |  | $ | – |
Inactive and retired members |  |  | 2,006 |  |  |  | 2,371 |  |  |  | 344 |  |  |  | 416 |  |  |  |  |  |  |  | 1,154 |  |  |  | 1,468 |  |  |  | 111 |  |  |  | 151 |
Total |  | $ | 2,515 |  |  | $ | 2,908 |  |  | $ | 355 |  |  | $ | 433 |  |  |  |  |  |  | $ | 1,279 |  |  | $ | 1,652 |  |  | $ | 111 |  |  | $ | 151 |
Summary of Major Categories of Plan Assets and Actual Per Cent Allocation to Each Category | (f) Fair value measurements The following tables present major categories of plan assets and the allocation to each category.
|  | U.S. plans (1) |  |  |  |  |  | Canadian plans (2) |
|  | Pension plans |  |  | Retiree welfare plans |  |  |  |  |  | Pension plans |  |  | Retiree welfare plans |
As at December 31, 2022 |  | Fair value |  |  | % of total |  |  | Fair value |  |  | % of total |  |  |  |  |  | Fair value |  |  | % of total |  |  | Fair value |  |  | % of total |
Cash and cash equivalents |  | $ | 35 |  |  |  | 1% |  |  | $ | 22 |  |  |  | 4% |  |  |  |  |  |  | $ | 9 |  |  |  | 1% |  |  | $ | – |  |  |  | – |
Public equity securities (3) |  |  | 377 |  |  |  | 15% |  |  |  | 41 |  |  |  | 8% |  |  |  |  |  |  |  | 233 |  |  |  | 20% |  |  |  | – |  |  |  | – |
Public debt securities |  |  | 1,509 |  |  |  | 58% |  |  |  | 445 |  |  |  | 85% |  |  |  |  |  |  |  | 898 |  |  |  | 79% |  |  |  | – |  |  |  | – |
Other investments (4) |  |  | 660 |  |  |  | 26% |  |  |  | 15 |  |  |  | 3% |  |  |  |  |  |  |  | 1 |  |  |  | 0% |  |  |  | – |  |  |  | – |
Total |  | $ | 2,581 |  |  |  | 100% |  |  | $ | 523 |  |  |  | 100% |  |  |  |  |  |  | $ | 1,141 |  |  |  | 100% |  |  | $ | – |  |  |  | – |
|  | U.S. plans (1) |  |  |  |  |  | Canadian plans (2) |
|  | Pension plans |  |  | Retiree welfare plans |  |  |  |  |  | Pension plans |  |  | Retiree welfare plans |
As at December 31, 2021 |  | Fair value |  |  | % of total |  |  | Fair value |  |  | % of total |  |  |  |  |  | Fair value |  |  | % of total |  |  | Fair value |  |  | % of total |
Cash and cash equivalents |  | $ | 90 |  |  |  | 3% |  |  | $ | 21 |  |  |  | 4% |  |  |  |  |  |  | $ | 14 |  |  |  | 1% |  |  | $ | – |  |  |  | – |
Public equity securities (3) |  |  | 600 |  |  |  | 20% |  |  |  | 57 |  |  |  | 10% |  |  |  |  |  |  |  | 322 |  |  |  | 22% |  |  |  | – |  |  |  | – |
Public debt securities |  |  | 1,863 |  |  |  | 61% |  |  |  | 501 |  |  |  | 85% |  |  |  |  |  |  |  | 1,144 |  |  |  | 77% |  |  |  | – |  |  |  | – |
Other investments (4) |  |  | 475 |  |  |  | 16% |  |  |  | 8 |  |  |  | 1% |  |  |  |  |  |  |  | 2 |  |  |  | 0% |  |  |  | – |  |  |  | – |
Total |  | $ | 3,028 |  |  |  | 100% |  |  | $ | 587 |  |  |  | 100% |  |  |  |  |  |  | $ | 1,482 |  |  |  | 100% |  |  | $ | – |  |  |  | – |
(1) | The U.S. pension and retiree welfare plan assets have daily quoted prices in active markets, except for the private debt, infrastructure, private equity, real estate, timber and agriculture assets. In the aggregate, the latter assets represent approximately 15% of all U.S. pension and retiree welfare plan assets as at December 31, 2022 (2021 – 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, 2022 (2021 – 0.1 %).
(3) | Equity securities include direct investments in MFC common shares of $1.2 (2021 – $1.2) in the U.S. retiree welfare plan and $nil (2021 – $nil) in Canada.
(4) | Other U.S. plan assets include investment in real estate, private debt, infrastructure, 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 The following table presents components of the net benefit cost for the pension plans and retiree welfare plans.
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |
Defined benefit current service cost (1) |  | $ | 43 |  |  | $ | 44 |  |  |  |  |  |  | $ | – |  |  | $ | – |
Defined benefit administrative expenses |  |  | 11 |  |  |  | 9 |  |  |  |  |  |  |  | 2 |  |  |  | 2 |
Past service cost-plan amendments and curtailments |  |  | (6 | ) |  |  | – |  |  |  |  |  |  |  | – |  |  |  | – |
Service cost |  |  | 48 |  |  |  | 53 |  |  |  |  |  |  |  | 2 |  |  |  | 2 |
Interest on net defined benefit (asset) liability |  |  | 2 |  |  |  | 6 |  |  |  |  |  |  |  | – |  |  |  | 1 |
Defined benefit cost |  |  | 50 |  |  |  | 59 |  |  |  |  |  |  |  | 2 |  |  |  | 3 |
Defined contribution cost |  |  | 85 |  |  |  | 90 |  |  |  |  |  |  |  | – |  |  |  | – |
Net benefit cost |  | $ | 135 |  |  | $ | 149 |  |  |  |  |  |  | $ | 2 |  |  | $ | 3 |
(1) | There are no significant current service costs for the retiree welfare plans as they are closed and mostly frozen. The remeasurement gain or loss on these plans is due to the volatility of discount rates and investment returns.
Summary of Re-measurement Effects Recognized in Other Comprehensive Income | (h) Re-measurement effects recognized in Other Comprehensive Income The following table presents components of the re-measurement effects recognized in Other Comprehensive Income for the pension plans and retiree welfare plans.
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |
Actuarial gains (losses) on defined benefit obligations due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Experience |  | $ | (5 | ) |  | $ | (3 | ) |  |  |  |  |  | $ | 13 |  |  | $ | – |
Demographic assumption changes |  |  | – |  |  |  | (7 | ) |  |  |  |  |  |  | – |  |  |  | (1 | )
Economic assumption changes |  |  | 835 |  |  |  | 194 |  |  |  |  |  |  |  | 112 |  |  |  | 29 |
Return on plan assets (excluding interest income) |  |  | (869 | ) |  |  | 70 |  |  |  |  |  |  |  | (91 | ) |  |  | (1 | )
Change in effect of asset limit (excluding interest) |  |  | (10 | ) |  |  | (37 | ) |  |  |  |  |  |  | – |  |  |  | – |
Total re-measurement effects |  | $ | (49 | ) |  | $ | 217 |  |  |  |  |  |  | $ | 34 |  |  | $ | 27 |
Summary of Key Assumptions Used by to Determine Defined Benefit Obligation and Net Benefit Cost for Defined Benefit Pension Plans and Retiree Welfare Plans | The following table presents 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.
|  | U.S. Plans |  |  |  |  |  | Canadian Plans |
|  | Pension plans |  |  | Retiree welfare plans |  |  |  |  |  | Pension plans |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
To determine the defined benefit obligation at end of year (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 5.0% |  |  |  | 2.7% |  |  |  | 5.0% |  |  |  | 2.7% |  |  |  |  |  |  |  | 5.3% |  |  |  | 3.1% |  |  |  | 5.3% |  |  |  | 3.2% |
Initial health care cost trend rate (2) |  |  | n/a |  |  |  | n/a |  |  |  | 7.8% |  |  |  | 7.0% |  |  |  |  |  |  |  | n/a |  |  |  | n/a |  |  |  | 5.3% |  |  |  | 5.4% |
To determine the defined benefit cost for the year (1) : |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 2.7% |  |  |  | 2.4% |  |  |  | 2.7% |  |  |  | 2.4% |  |  |  |  |  |  |  | 3.1% |  |  |  | 2.5% |  |  |  | 3.2% |  |  |  | 2.6% |
Initial health care cost trend rate (2) |  |  | n/a |  |  |  | n/a |  |  |  | 7.0% |  |  |  | 7.3% |  |  |  |  |  |  |  | n/a |  |  |  | n/a |  |  |  | 5.4% |  |  |  | 5.5% |
(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 7.8% grading to 4.8% for 2035 and years thereafter (2021 – 7.0% grading to 4.5% for 2032) and to measure the net benefit cost was 7.0% grading to 4.5% for 2032 and years thereafter (2021 – 7.3% grading to 4.5% for 2032). In Canada, the rate used to measure the retiree welfare obligation was 5.3% grading to 4.8% for 2026 and years thereafter (2021 – 5.4% grading to 4.8% for 2026) and to measure the net benefit cost was 5.4% grading to 4.8% for 2026 and years thereafter (2021 – 5.5% grading to 4.8% for 2026).
Summary of Life Expectancies Underlying Values of Obligations in Defined Benefit Pension and Retiree Welfare Plans | The following table presents current life expectancies underlying the values of the obligations in the defined benefit pension and retiree welfare plans.
As at December 31, 2022 |  | U.S. |  |  | Canada |
Life expectancy (in years) for those currently age 65 |  |  |  |  |  |  |  |
Males |  |  | 22.1 |  |  |  | 23.9 |
Females |  |  | 23.6 |  |  |  | 25.7 |
Life expectancy (in years) at age 65 for those currently age 45 |  |  |  |  |  |  |  |
Males |  |  | 23.5 |  |  |  | 24.8 |
Females |  |  | 25.0 |  |  |  | 26.6 |
Summary of Potential Impact on Obligations Arising From Changes in Key Assumptions | The following table sets out the potential impact on the obligations arising from changes in the key assumptions. The sensitivities assume all other assumptions are held constant. In actuality, inter-relationships with other assumptions may exist.
As at December 31, 2022 |  | Pension plans |  |  | Retiree welfare plans |
Discount rate: |  |  |  |  |  |  |  |
Impact of a 1% increase |  | $ | (279 | ) |  | $ | (39 | )
Impact of a 1% decrease |  |  | 322 |  |  |  | 45 |
Health care cost trend rate: |  |  |  |  |  |  |  |
Impact of a 1% increase |  |  | n/a |  |  |  | 10 |
Impact of a 1% decrease |  |  | n/a |  |  |  | (9 | )
Mortality rates (1) |  |  |  |  |  |  |  |
Impact of a 10% decrease |  |  | 93 |  |  |  | 8 |
(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, 0.8 years for Canadian females and 0.7 years for Canadian males, respectively.
Summary of Weighted Average Duration of the Defined Benefit Obligations | (k) Maturity profile The following table presents weighted average duration (in years) of the defined benefit obligations.
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
As at December 31, |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |
U.S. plans |  |  | 8.2 |  |  |  | 9.7 |  |  |  |  |  |  |  | 8.2 |  |  |  | 9.5 |
Canadian plans |  |  | 10.6 |  |  |  | 12.4 |  |  |  |  |  |  |  | 11.1 |  |  |  | 13.3 |
Summary of Cash Payments | (l) Cash flows – contributions The following table presents 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.
|  | Pension plans |  |  |  |  |  | Retiree welfare plans |
For the years ended December 31, |  | 2022 |  |  | 2021 |  |  |  |  |  | 2022 |  |  | 2021 |
Defined benefit plans |  | $ | 59 |  |  | $ | 61 |  |  |  |  |  |  | $ | 11 |  |  | $ | 11 |
Defined contribution plans |  |  | 85 |  |  |  | 90 |  |  |  |  |  |  |  | – |  |  |  | – |
Total |  | $ | 144 |  |  | $ | 151 |  |  |  |  |  |  | $ | 11 |  |  | $ | 11 |

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- Definition The disclosure of information about the maturity profile of a defined benefit obligation. This will include the weighted average duration of the defined benefit obligation and may include other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments. [Refer: Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2022-03-24 -Paragraph 147 -Subparagraph c -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2022-en-r&anchor=para_147_c&doctype=Standard -URIDate 2022-03-24 + Details
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