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Pensions and Other Post-Employment Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Pensions And Other Post Employment Benefits [Abstract] |
Summary of Defined Benefit and OPEB Plan Obligation and Funded Status | A) Plan Obligations, Assets and Funded Status
|  | DB Pension Plan |  |  | OPEB Plans
|  | 2023 |  | 2022 |  |  | 2023 |  | 2022
Defined Benefit Obligation |  |  |  |  |  |  |  |  |
Defined Benefit Obligation, Beginning of Year |  | 172 |  | 220 |  |  | 174 |  | 225
Current Service Costs |  | 10 |  | 16 |  |  | 14 |  | 8
Past Service Costs - Curtailment and Plan Amendments |  | — |  | — |  |  | 10 |  | —
Interest Costs (1) |  | 9 |  | 7 |  |  | 10 |  | 7
Benefits Paid |  | (8) |  | (12) |  |  | (9) |  | (8)
Plan Participant Contributions |  | 3 |  | 2 |  |  | — |  | —
Re-measurements: |  |  |  |  |  |  |  |  |
(Gains) Losses From Experience Adjustments |  | 4 |  | 1 |  |  | 1 |  | (2)
(Gains) Losses From Changes in Financial Assumptions |  | 13 |  | (64) |  |  | 50 |  | (57)
Exchange Rate Movements and Other |  | (1) |  | 2 |  |  | (1) |  | 1
Defined Benefit Obligation, End of Year |  | 202 |  | 172 |  |  | 249 |  | 174
Plan Assets |  |  |  |  |  |  |  |  |
Fair Value of Plan Assets, Beginning of Year |  | 147 |  | 159 |  |  | — |  | —
Employer Contributions |  | 18 |  | 16 |  |  | 9 |  | 8
Plan Participant Contributions |  | 3 |  | 2 |  |  | — |  | —
Benefits Paid |  | (7) |  | (10) |  |  | (9) |  | (8)
Interest Income (1) |  | 8 |  | 4 |  |  | — |  | —
Re-measurements: |  |  |  |  |  |  |  |  |
Return on Plan Assets (Excluding Interest Income) |  | 10 |  | (26) |  |  | — |  | —
Exchange Rate Movements and Other |  | (1) |  | 2 |  |  | — |  | —
Fair Value of Plan Assets, End of Year |  | 178 |  | 147 |  |  | — |  | —
Defined Benefit Pension and OPEB Asset (Liability) (2) |  | (24) |  | (25) |  |  | (249) |  | (174)
(1)Based on the discount rate of the defined benefit obligation at the beginning of the year. (2)Liabilities for the DB Pension Plan and OPEB plans are included in other liabilities.
Summary of Pension and OPEB Costs | B) Costs
|  | DB Pension Plan and DC Pension Plan |  |  | OPEB Plans
For the years ended December 31, |  | 2023 |  | 2022 |  |  |  |  | 2023 |  | 2022 |  |
Defined Benefit Plan Cost |  |  |  |  |  |  |  |  |  |  |  |  |
Current Service Costs |  | 10 |  | 16 |  |  |  |  | 14 |  | 8 |  |
Past Service Costs – Curtailments and Plan Amendments |  | — |  | — |  |  |  |  | 10 |  | — |  |
Net Interest Costs |  | 1 |  | 3 |  |  |  |  | 10 |  | 7 |  |
Re-measurements: |  |  |  |  |  |  |  |  |  |  |  |  |
Return on Plan Assets (Excluding Interest Income) |  | (10) |  | 26 |  |  |  |  | — |  | — |  |
(Gains) Losses From Experience Adjustments |  | 4 |  | 1 |  |  |  |  | 1 |  | (2) |  |
(Gains) Losses From Changes in Demographic Assumptions |  | — |  | — |  |  |  |  | — |  | — |  |
(Gains) Losses From Changes in Financial Assumptions |  | 13 |  | (64) |  |  |  |  | 50 |  | (57) |  |
Defined Benefit Plan Cost (Recovery) |  | 18 |  | (18) |  |  |  |  | 85 |  | (44) |  |
Defined Contribution Plan Cost (1) |  | 99 |  | 72 |  |  |  |  | — |  | — |  |
Total Plan Cost |  | 117 |  | 54 |  |  |  |  | 85 |  | (44) |  |
(1)Includes defined contribution and U.S. 401(k) plans.
Summary of Fair Value of the Plan Assets | The fair value of the DB Pension Plan assets, as represented by fair value hierarchy levels are as follows:
As at December 31, | 2023 |  | 2022
Level 1 – Cash and Cash Equivalents | 5 |  | 7
Level 2 – Equity and Fixed Income Funds | 161 |  | 130
Level 3 – Real Estate Funds and Other | 12 |  | 10
| 178 |  | 147
The DB Pension Plan does not hold any direct investment in Cenovus common shares or preferred 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 are as follows:
|  | Defined Benefit Plan |  |  | OPEB Plans
For the years ended December 31, |  | 2023 |  | 2022 |  |  |  |  | 2023 |  | 2022 |  |
Discount Rate (percent) |  | 4.58 |  |  | 5.12 |  |  |  |  |  | 4.65 |  |  | 5.13 |  |  |
Future Salary Growth Rate (percent) |  | 4.00 |  |  | 4.05 |  |  |  |  |  | N/A |  | N/A |  |
Average Longevity (years) |  | 88.4 |  | 88.4 |  |  |  |  | 88.4 |  | 88.4 |  |
Health Care Cost Trend Rate (percent) |  | N/A |  | N/A |  |  |  |  | 5.24 |  |  | 5.24 |  |  |
Sensitivity of defined benefit and OPEB obligation to changes in relevant actuarial assumptions |
| 2023 |  | 2022
As at December 31, | Increase |  | Decrease |  | Increase |  | Decrease
Discount Rate | (54) |  | 66 |  | (43) |  | 51

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