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Pensions and Other Post Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Pensions and Other Post Retirement Benefits |
Schedule of changes in benefit obligations and plan assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Other |
​ | ​ | ​ | ​ | ​ | ​ | Post-Retirement |
​ | ​ | Pension Benefits | ​ | Benefits |
($ millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Change in benefit obligation |  |  |  |  |  |  |  |  | ​
Benefit obligation at beginning of year |  | 6 155 |  | 8 303 |  | 519 |  | 672 | ​
Current service costs |  | 165 |  | 263 |  | 12 |  | 19 | ​
Plan participants’ contributions |  | 17 |  | 17 |  | - |  | - | ​
Benefits paid |  | (345) |  | (367) |  | (30) |  | (28) | ​
Interest costs |  | 305 |  | 246 |  | 26 |  | 20 | ​
Obligations disposed (note 16) | ​ | (122) | ​ | - | ​ | - | ​ | - | ​
Foreign exchange |  | - |  | (2) |  | - |  | - | ​
Settlements |  | 9 |  | 10 |  | - |  | - | ​
Termination benefits | ​ | 6 | ​ | - | ​ | ​ | ​ | ​ | ​
Actuarial remeasurement: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Experience loss (gain) arising on plan liabilities |  | 6 |  | (86) |  | 3 |  | 3 | ​
Actuarial gain arising from changes in demographic assumptions |  | - |  | - |  | - |  | - | ​
Actuarial gain arising from changes in financial assumptions |  | 411 |  | (2 229) |  | 29 |  | (167) | ​
Benefit obligation at end of year |  | 6 607 |  | 6 155 |  | 559 |  | 519 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets at beginning of year |  | 6 471 |  | 7 701 |  | - |  | - | ​
Employer contributions |  | (27) |  | 61 |  | - |  | - | ​
Plan participants’ contributions |  | 17 |  | 17 |  | - |  | - | ​
Benefits paid |  | (327) |  | (347) |  | - |  | - | ​
Assets disposed (note 16) | ​ | (153) | ​ | - | ​ | - | ​ | - | ​
Foreign exchange |  | 1 |  | (4) |  | - |  | - | ​
Settlements |  | 9 |  | 10 |  | - |  | - | ​
Administrative costs |  | (6) |  | (2) |  | - |  | - | ​
Income on plan assets |  | 320 |  | 225 |  | - |  | - | ​
Actuarial remeasurement: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Return on plan assets greater / (less) than discount rate |  | 433 |  | (1 190) |  | - |  | - | ​
Fair value of plan assets at end of year |  | 6 738 |  | 6 471 |  | - |  | - | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in Irrecoverable Surplus | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Irrecoverable surplus at beginning of year | ​ | 187 | ​ | - | ​ | - | ​ | - | ​
Interest on irrecoverable surplus | ​ | 10 | ​ | - | ​ | - | ​ | - | ​
Change in irrecoverable surplus during the year | ​ | (197) | ​ | 187 | ​ | - | ​ | - | ​
Irrecoverable surplus at end of year | ​ | - | ​ | 187 | ​ | - | ​ | - | ​
Net surplus / (unfunded obligation) at end of year |  | 131 |  | 129 |  | (559) |  | (519) | ​
​ The defined benefit asset (liability) is included as follows in the Consolidated Balance Sheet:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31 | ​ | December 31 | ​
($ millions) |  | 2023 |  | 2022 |
Amounts charged to | ​ | ​ | ​ | ​ | ​
Other assets (note 19) |  | 207 |  | 212 | ​
Accounts payable and accrued liabilities | ​ | (37) | ​ | (38) | ​
Other long-term liabilities (note 22) |  | (598) |  | (564) | ​
​ |  | (428) |  | (390) | ​
Schedule of defined benefit plan expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Other |
​ | ​ | ​ | ​ | ​ | ​ | Post-Retirement |
​ | ​ | Pension Benefits | ​ | Benefits |
($ millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Analysis of amount charged to earnings: |  |  |  |  | ​ | ​ |  |  | ​
Current service costs |  | 165 |  | 263 |  | 12 |  | 19 | ​
Interest (income) costs |  | (15) |  | 21 |  | 26 |  | 20 | ​
Defined benefit plans expense |  | 150 |  | 284 |  | 38 |  | 39 | ​
Defined contribution plans expense |  | 56 |  | 95 |  | - |  | - | ​
Total benefit plans expense charged to earnings |  | 206 |  | 379 |  | 38 |  | 39 | ​
​ Components of defined benefit costs recognized in Other Comprehensive Income:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Other |
​ | ​ | ​ | ​ | ​ | ​ | Post-Retirement |
​ | ​ | Pension Benefits | ​ | Benefits |
($ millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Actuarial loss (gain) arising from changes in experience |  | 6 |  | (86) |  | 3 |  | 3 | ​
Actuarial loss (gain) arising from changes in financial assumptions |  | 411 |  | (2 229) |  | 29 |  | (167) | ​
Actuarial gain arising from changes in demographic assumptions |  | - |  | - |  | - |  | - | ​
Benefit Obligation loss (gain) | ​ | 417 | ​ | (2 315) | ​ | 32 | ​ | (164) | ​
Return on plan assets (greater) / less than discount rate (excluding amounts included in net interest expense) | ​ | (433) | ​ | 1 190 | ​ | - | ​ | - | ​
OCI disposed through divestiture | ​ | 11 | ​ | - | ​ | - | ​ | - | ​
Effect of the asset ceiling | ​ | (197) | ​ | 187 | ​ | - | ​ | - | ​
Plan assets (gain) / loss | ​ | (619) | ​ | 1 377 | ​ | - | ​ | - | ​
Actuarial (gain) loss recognized in other comprehensive income |  | (202) |  | (938) |  | 32 |  | (164) | ​
Schedule of weighted average actuarial assumptions | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Other |
​ | ​ | ​ | ​ | ​ | ​ | Post-Retirement |
​ | ​ | Pension Benefits | ​ | Benefits |
​ |  | December 31 |  | December 31 |  | December 31 |  | December 31 |
(%) | ​ | 2023 | ​ | 2022 | ​ | 2023 | ​ | 2022 |
Discount rate |  | 4.60 |  | 5.10 |  | 4.60 |  | 5.10 | ​
Rate of compensation increase |  | 3.00 |  | 3.00 |  | 3.00 |  | 3.00 | ​
​
Summary of sensitivity analysis for actuarial assumptions | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pension Benefits |
($ millions) |  | Increase |  | Decrease |
1% change in discount rate | ​ | ​ | ​ | ​ | ​
Effect on the aggregate service and interest costs |  | (17) |  | 20 | ​
Effect on the benefit obligations |  | (767) |  | 963 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Other |
​ | ​ | Post-Retirement |
​ | ​ | Benefits |
($ millions) |  | Increase |  | Decrease |
1% change in discount rate |  |  |  |  | ​
Effect on the benefit obligations |  | (58) | ​ | 70 | ​
1% change in health care cost |  |  |  |  | ​
Effect on the aggregate service and interest costs |  | 1 | ​ | (1) | ​
Effect on the benefit obligations |  | 22 | ​ | (19) | ​
​
Schedule of weighted average pension plan asset allocations based on market value | The company’s weighted average pension plan asset allocations, based on market values as at December 31, are as follows:
​ | ​ | ​ | ​ | ​ | ​
(%) |  | 2023 |  | 2022 |
Equities |  | 53 |  | 52 | ​
Fixed income |  | 22 |  | 27 | ​
Plan assets, comprised of: |  |  |  |  | ​
– Real Estate |  | 25 |  | 21 | ​
Total |  | 100 |  | 100 | ​
​

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