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Employee retirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
Assumptions Used to Determine Benefit Obligations | The benefit obligations and plan assets associated with the company’s defined benefit plans are measured on December 31.
|  | Pension benefits |  |  |  |  |  | Other postretirement benefits |
|  |  | 2019 |  |  |  | 2018 |  |  |  |  |  |  |  | 2019 |  |  |  | 2018 |
Assumptions used to determine benefit obligations at December 31 (percent) |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.10 |  |  |  | 3.90 |  |  |  |  |  |  |  | 3.10 |  |  |  | 3.90 |
Long-term rate of compensation increase |  |  | 4.50 |  |  |  | 4.50 |  |  |  |  |  |  |  | 4.50 |  |  |  | 4.50 |
millions of Canadian dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in projected benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at January 1 |  |  | 8,359 |  |  |  | 8,785 |  |  |  |  |  |  |  | 582 |  |  |  | 670 |
Current service cost |  |  | 228 |  |  |  | 239 |  |  |  |  |  |  |  | 16 |  |  |  | 17 |
Interest cost |  |  | 324 |  |  |  | 302 |  |  |  |  |  |  |  | 20 |  |  |  | 22 |
Actuarial loss (gain) |  |  | 1,053 |  |  |  | (498 | ) |  |  |  |  |  |  | 99 |  |  |  | (101 | )
Amendments |  |  | 283 |  |  |  | - |  |  |  |  |  |  |  | - |  |  |  | - |
Benefits paid (a) |  |  | (461 | ) |  |  | (469 | ) |  |  |  |  |  |  | (24 | ) |  |  | (26 | )
Projected benefit obligation at December 31 |  |  | 9,786 |  |  |  | 8,359 |  |  |  |  |  |  |  | 693 |  |  |  | 582 |
Accumulated benefit obligation at December 31 |  |  | 8,814 |  |  |  | 7,661 |  |  |  |  |  |  |  |  |  |  |  |  |
Change in Plan Assets of Pension and Other Postretirement Benefits |
|  | Pension benefits |  |  |  |  |  | Other postretirement benefits |
millions of Canadian dollars |  |  | 2019 |  |  |  | 2018 |  |  |  |  |  |  |  | 2019 |  |  |  | 2018 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value at January 1 |  |  | 7,691 |  |  |  | 7,870 |  |  |  |  |  |  |  |  |  |  |  |  |
Actual return (loss) on plan assets |  |  | 1,114 |  |  |  | 20 |  |  |  |  |  |  |  |  |  |  |  |  |
Company contributions |  |  | 211 |  |  |  | 203 |  |  |  |  |  |  |  |  |  |  |  |  |
Benefits paid (b) |  |  | (417 | ) |  |  | (402 | ) |  |  |  |  |  |  |  |  |  |  |  |
Fair value at December 31 |  |  | 8,599 |  |  |  | 7,691 |  |  |  |  |  |  |  |  |  |  |  |  |
Plan assets in excess of (less than) projected benefit obligation at December 31 |  |  |  |  |  |  |  |  |  |  |  |  |
Funded plans |  |  | (590 | ) |  |  | (180 | ) |  |  |  |  |  |  |  |  |  |  |  |
Unfunded plans |  |  | (597 | ) |  |  | (488 | ) |  |  |  |  |  |  | (693 | ) |  |  | (582 | )
Total (c) |  |  | (1,187 | ) |  |  | (668 | ) |  |  |  |  |  |  | (693 | ) |  |  | (582 | )
(a) | Benefit payments for funded and unfunded plans.
(b) | Benefit payments for funded plans only.
(c) | Fair value of assets less projected benefit obligation shown above.
Amounts Recorded in Consolidated Balance Sheet and Accumulated Other Comprehensive Income |
|  | Pension benefits |  |  |  |  |  | Other postretirement benefits |
millions of Canadian dollars |  |  | 2019 |  |  |  | 2018 |  |  |  |  |  |  |  | 2019 |  |  |  | 2018 |
Amounts recorded in the Consolidated balance sheet consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  | (27 | ) |  |  | (27 | ) |  |  |  |  |  |  | (31 | ) |  |  | (28 | )
Other long-term obligations |  |  | (1,160 | ) |  |  | (641 | ) |  |  |  |  |  |  | (662 | ) |  |  | (554 | )
Total recorded |  |  | (1,187 | ) |  |  | (668 | ) |  |  |  |  |  |  | (693 | ) |  |  | (582 | )
Amounts recorded in accumulated other comprehensive income consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  |  | 2,256 |  |  |  | 2,117 |  |  |  |  |  |  |  | 133 |  |  |  | 33 |
Prior service cost |  |  | 283 |  |  |  | - |  |  |  |  |  |  |  | - |  |  |  | - |
Total recorded in accumulated other comprehensive income, before tax |  |  | 2,539 |  |  |  | 2,117 |  |  |  |  |  |  |  | 133 |  |  |  | 33 |
Assumptions Used to Determine Periodic Benefit Cost |
|  | Pension benefits |  |  | Other postretirement benefits |
|  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |  |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Assumptions used to determine net periodic benefit cost for years ended December 31 (percent) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.90 |  |  |  | 3.40 |  |  |  | 3.75 |  |  |  | 3.90 |  |  |  | 3.40 |  |  |  | 3.75 |
Long-term rate of return on funded assets |  |  | 4.50 |  |  |  | 5.00 |  |  |  | 5.50 |  |  |  | - |  |  |  | - |  |  |  | - |
Long-term rate of compensation increase |  |  | 4.50 |  |  |  | 4.50 |  |  |  | 4.50 |  |  |  | 4.50 |  |  |  | 4.50 |  |  |  | 4.50 |
millions of Canadian dollars |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  |  | 228 |  |  |  | 239 |  |  |  | 217 |  |  |  | 16 |  |  |  | 17 |  |  |  | 16 |
Interest cost |  |  | 324 |  |  |  | 302 |  |  |  | 313 |  |  |  | 20 |  |  |  | 22 |  |  |  | 23 |
Expected return on plan assets |  |  | (349 | ) |  |  | (402 | ) |  |  | (408 | ) |  |  | - |  |  |  | - |  |  |  | - |
Amortization of prior service cost |  |  | - |  |  |  | 4 |  |  |  | 10 |  |  |  | - |  |  |  | - |  |  |  | - |
Amortization of actuarial loss (gain) |  |  | 149 |  |  |  | 175 |  |  |  | 176 |  |  |  | (1 | ) |  |  | 6 |  |  |  | 8 |
Net periodic benefit cost |  |  | 352 |  |  |  | 318 |  |  |  | 308 |  |  |  | 35 |  |  |  | 45 |  |  |  | 47 |
Changes in amounts recorded in accumulated other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  |  | 288 |  |  |  | (116 | ) |  |  | 123 |  |  |  | 99 |  |  |  | (101 | ) |  |  | (49 | )
Amortization of net actuarial (loss) gain included in net periodic benefit cost |  |  | (149 | ) |  |  | (175 | ) |  |  | (176 | ) |  |  | 1 |  |  |  | (6 | ) |  |  | (8 | )
Prior service cost |  |  | 283 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Amortization of prior service cost included in net periodic benefit cost |  |  | - |  |  |  | (4 | ) |  |  | (10 | ) |  |  | - |  |  |  | - |  |  |  | - |
Total recorded in other comprehensive income |  |  | 422 |  |  |  | (295 | ) |  |  | (63 | ) |  |  | 100 |  |  |  | (107 | ) |  |  | (57 | )
Total recorded in net periodic benefit cost and other comprehensive income, before tax |  |  | 774 |  |  |  | 23 |  |  |  | 245 |  |  |  | 135 |  |  |  | (62 | ) |  |  | (10 | )
Summary of Change in Accumulated Other Comprehensive Income | A summary of the change in accumulated other comprehensive income is shown in the table below:
|  | Total pension and other postretirement benefits |
millions of Canadian dollars |  | 2019 |  |  | 2018 |  |  | 2017 |
(Charge) credit to other comprehensive income, before tax |  |  | (522 | ) |  |  | 402 |  |  |  | 120 |
Deferred income tax (charge) credit (note 18) |  |  | 128 |  |  |  | (104) |  |  |  | (38) |
(Charge) credit to other comprehensive income, after tax |  |  | (394 | ) |  |  | 298 |  |  |  | 82 |
Fair Value of Pension Plan Assets Including Level within Fair Value Hierarchy | The 2019 fair value of the pension plan assets, including the level within the fair value hierarchy, is shown in the table below:
|  |  |  |  | Fair value measurements at December 31, 2019, using: |
millions of Canadian dollars |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Net Asset Value |
Asset class |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian |  |  | 210 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 210 |
Non-Canadian |  |  | 2,449 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,449 |
Debt securities - Canadian |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  |  | 1,379 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,379 |
Government |  |  | 4,299 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,299 |
Asset backed |  |  | 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Equities – Venture capital |  |  | 204 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 204 |
Cash |  |  | 57 |  |  |  | 40 |  |  |  |  |  |  |  |  |  |  |  | 17 |
Total plan assets at fair value |  |  | 8,599 |  |  |  | 40 |  |  |  |  |  |  |  |  |  |  |  | 8,559 |
The 2018 fair value of the pension plan assets, including the level within the fair value hierarchy, is shown in the table below:
|  |  |  |  | Fair value measurements at December 31, 2018, using: |
millions of Canadian dollars |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Net Asset Value |
Asset class |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian |  |  | 170 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 170 |
Non-Canadian |  |  | 2,035 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,035 |
Debt securities - Canadian |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  |  | 1,231 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,231 |
Government |  |  | 3,987 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,987 |
Asset backed |  |  | 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Equities – Venture capital |  |  | 226 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 226 |
Cash |  |  | 39 |  |  |  | 33 |  |  |  |  |  |  |  |  |  |  |  | 6 |
Total plan assets at fair value |  |  | 7,691 |  |  |  | 33 |  |  |  | - |  |  |  | - |  |  |  | 7,658 |
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | A summary of pension plans with accumulated benefit obligations in excess of plan assets is shown in the table below:
|  | Pension benefits |
millions of Canadian dollars |  | 2019 |  |  |  |  |  | 2018 |
For funded pension plans with accumulated benefit obligations in excess of plan assets: (a) |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation |  |  | 1,042 |  |  |  |  |  |  |  | 943 |
Accumulated benefit obligation |  |  | 942 |  |  |  |  |  |  |  | 852 |
Fair value of plan assets |  |  | 870 |  |  |  |  |  |  |  | 739 |
Accumulated benefit obligation less fair value of plan assets |  |  | 72 |  |  |  |  |  |  |  | 113 |
For unfunded plans covered by book reserves: |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation |  |  | 597 |  |  |  |  |  |  |  | 488 |
Accumulated benefit obligation |  |  | 536 |  |  |  |  |  |  |  | 451 |
(a) | The amounts shown for funded pension plans with accumulated benefit obligations in excess of plan assets represent the company’s proportionate share of a joint venture sponsored pension plan. For the company sponsored funded plan, plan assets exceeded the accumulated benefit obligation in both 2019 and 2018.
Estimated 2020 Amortization from Accumulated Other Comprehensive Income | Estimated 2020 amortization from accumulated other comprehensive income
millions of Canadian dollars |  | Pension benefits |  |  | Other postretirement benefits |
Net actuarial loss (gain) (a) |  |  | 157 |  |  |  | 9 |
Prior service cost (b) |  |  | 13 |  |  |  | - |
(a) | The company amortizes the net balance of actuarial loss (gain) as a component of net periodic benefit cost over the average remaining service period of active plan participants.
(b) | The company amortizes prior service cost on a straight-line basis.
Benefit Payments Expected | Benefit payments expected in:
millions of Canadian dollars |  | Pension benefits |  |  | Other postretirement benefits |
2020 |  |  | 460 |  |  |  | 31 |
2021 |  |  | 460 |  |  |  | 31 |
2022 |  |  | 460 |  |  |  | 32 |
2023 |  |  | 460 |  |  |  | 32 |
2024 |  |  | 460 |  |  |  | 32 |
2025 - 2029 |  |  | 2,245 |  |  |  | 160 |

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