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Pensions and Other Post-Employment Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Pensions And Other Post Employment Benefits [Abstract] |
Summary of Defined Benefit and OPEB Plan Obligation and Funded Status | A) Defined Benefit and OPEB Plan Obligation and Funded Status Information related to defined benefit pension and OPEB plans, based on actuarial estimations, is:
| Pension Benefits |  |  | OPEB |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Defined Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defined Benefit Obligation, Beginning of Year |  | 188 |  |  |  | 158 |  |  |  | 20 |  |  |  | 22 |
Plan Acquisition Upon the Arrangement (1) |  | 41 |  |  |  | — |  |  |  | 224 |  |  |  | — |
Current Service Costs |  | 16 |  |  |  | 13 |  |  |  | 9 |  |  |  | 1 |
Past Service Costs - Curtailment and Plan Amendments |  | (1) |  |  |  | — |  |  |  | (3) |  |  |  | — |
Interest Costs (2) |  | 6 |  |  |  | 5 |  |  |  | 6 |  |  |  | — |
Benefits Paid |  | (17) |  |  |  | (6) |  |  |  | (8) |  |  |  | (2) |
Plan Participant Contributions |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | — |
Re-measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Gains) Losses From Experience Adjustments |  | 4 |  |  |  | 1 |  |  |  | 10 |  |  |  | (2) |
(Gains) Losses From Changes in Demographic Assumptions |  | (1) |  |  |  | — |  |  |  | (3) |  |  |  | — |
(Gains) Losses From Changes in Financial Assumptions |  | (18) |  |  |  | 15 |  |  |  | (30) |  |  |  | 1 |
Defined Benefit Obligation, End of Year |  | 220 |  |  |  | 188 |  |  |  | 225 |  |  |  | 20 |
Plan Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair Value of Plan Assets, Beginning of Year |  | 117 |  |  |  | 107 |  |  |  | — |  |  |  | — |
Plan Acquisition Upon the Arrangement (1) |  | 32 |  |  |  | — |  |  |  | — |  |  |  | — |
Employer Contributions |  | 9 |  |  |  | 6 |  |  |  | 3 |  |  |  | — |
Plan Participant Contributions |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | — |
Benefits Paid |  | (13) |  |  |  | (5) |  |  |  | (3) |  |  |  | — |
Interest Income (2) |  | 3 |  |  |  | 2 |  |  |  | — |  |  |  | — |
Re-measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on Plan Assets (Excluding Interest Income) |  | 9 |  |  |  | 5 |  |  |  | — |  |  |  | — |
Fair Value of Plan Assets, End of Year |  | 159 |  |  |  | 117 |  |  |  | — |  |  |  | — |
Pension and OPEB (Liability) (3) |  | (61) |  |  |  | (71) |  |  |  | (225) |  |  |  | (20) |
(1)The Company acquired Husky's defined benefit pension and other post-retirement benefit obligations in connection with the Arrangement. See Note 5A. (2)Based on the discount rate of the defined benefit obligation at the beginning of the year. (3)Liabilities for the DB Pension Plan and OPEB plans are included in other liabilities on the Consolidated Balance Sheets.
Summary of Pension and OPEB Costs | B) Pension and OPEB Costs
| Pension Benefits |  |  | OPEB |
As at December 31, | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Defined Benefit Plan Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Service Costs |  | 16 |  |  |  | 13 |  |  |  | 11 |  |  |  | 9 |  |  |  | 1 |  |  |  | 1 |
Past Service Costs - Curtailments and Plan Amendments |  | (1) |  |  |  | — |  |  |  | — |  |  |  | (3) |  |  |  | — |  |  |  | — |
Net Interest Costs |  | 3 |  |  |  | 3 |  |  |  | 3 |  |  |  | 6 |  |  |  | — |  |  |  | 1 |
Re-measurements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on Plan Assets (Excluding Interest Income) |  | (9) |  |  |  | (5) |  |  |  | (15) |  |  |  | — |  |  |  | — |  |  |  | — |
(Gains) Losses From Experience Adjustments |  | 4 |  |  |  | 1 |  |  |  | (4) |  |  |  | 10 |  |  |  | (2) |  |  |  | — |
(Gains) Losses From Changes in Demographic Assumptions |  | (1) |  |  |  | — |  |  |  | — |  |  |  | (3) |  |  |  | — |  |  |  | — |
(Gains) Losses From Changes in Financial Assumptions |  | (18) |  |  |  | 15 |  |  |  | 12 |  |  |  | (30) |  |  |  | 1 |  |  |  | 1 |
Defined Benefit Plan Cost (Recovery) |  | (6) |  |  |  | 27 |  |  |  | 7 |  |  |  | (11) |  |  |  | — |  |  |  | 3 |
Defined Contribution Plan Cost |  | 68 |  |  |  | 22 |  |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | — |
Total Plan Cost |  | 62 |  |  |  | 49 |  |  |  | 28 |  |  |  | (11) |  |  |  | — |  |  |  | 3 |
Summary of Fair Value of the Plan Assets |
2021 Target Allocation (percent) | Canadian Plan |  |  | U.S. Plan |
Equity Funds |  | 25% - 70% |  |  |  | 21% - 51% |
Income Funds |  | 25% - 35% |  |  |  | 55% - 74% |
Real Estate Funds |  | —% - 15% |  |  |  | — |
Listed Infrastructure Funds |  | —% - 10% |  |  |  | — |
Emerging Market Debt Funds |  | —% - 10% |  |  |  | — |
Cash and Cash Equivalents |  | —% - 10% |  |  |  | — |
The fair value of the DB Pension Plan assets is:
As at December 31, | 2021 |  |  | 2020 |
Equity Funds |  | 77 |  |  |  | 58 |
Fixed Income Funds |  | 54 |  |  |  | 35 |
Real Estate Funds |  | 9 |  |  |  | 6 |
Listed Infrastructure Funds |  | 8 |  |  |  | 8 |
Emerging Market Debt Funds |  | 8 |  |  |  | 7 |
Cash and Cash Equivalents |  | 2 |  |  |  | 2 |
Non-Invested Assets |  | 1 |  |  |  | 1 |
Total Fair Value of DB Pension Plan Assets (1) |  | 159 |  |  |  | 117 |
(1) The Company acquired Husky’s U.S. defined benefit pension obligations in connection with the Arrangement (see Note 5A). The U.S. defined benefit pension plan assets were valued at $32 million on January 1, 2021. Fair value of the cash and cash equivalents, equity, income and listed infrastructure assets are based on the trading price of the underlying funds (Level 1). The fair value of the real estate funds reflects the appraisal valuation for each property investment (Level 2). The fair value of the non-invested assets is the discounted value of the expected future payments (Level 3).The DB Pension Plan does not hold any direct investment in Cenovus common shares.
Summary of principal weighted average actuarial assumptions used to determine benefit obligations and expenses | The principal weighted average actuarial assumptions used to determine benefit obligations and expenses are as follows:
| Pension Benefits |  |  | OPEB |
For the years ended December 31, | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Discount Rate |  | 2.95 | % |  |  |  | 2.50 | % |  |  |  | 3.00 | % |  |  |  | 2.98 | % |  |  |  | 2.50 | % |  |  |  | 3.00 | % |
Future Salary Growth Rate |  | 4.03 | % |  |  |  | 3.97 | % |  |  |  | 3.94 | % |  |  |  | 4.94 | % |  |  |  | 4.94 | % |  |  |  | 5.08 | % |
Average Longevity (years) |  | 88.3 |  |  |  | 88.3 |  |  |  | 88.2 |  |  |  | 88.3 |  |  |  | 88.2 |  |  |  | 88.2 |
Health Care Cost Trend Rate |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 5.64 | % |  |  |  | 6.00 | % |  |  |  | 6.00 | % |
Sensitivity of defined benefit and OPEB obligation to changes in relevant actuarial assumptions |
| 2021 |  |  | 2020 |
As at December 31, | Increase |  |  | Decrease |  |  | Increase |  |  | Decrease |
One Percent Change: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount Rate |  | (79) |  |  |  | 102 |  |  |  | (31) |  |  |  | 40 |
Future Salary Growth Rate |  | 4 |  |  |  | (4) |  |  |  | 4 |  |  |  | (4) |
Health Care Cost Trend Rate |  | 26 |  |  |  | (20) |  |  |  | 1 |  |  |  | (1) |
One Year Change in Assumed Life Expectancy |  | 4 |  |  |  | (4) |  |  |  | 4 |  |  |  | (4) |

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