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Employee Future Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Allocation of Plan Assets

Allocation of Plan Assets			2023 Target Allocation
(weighted average %)									2023						2022
Equities			47						46						48
Fixed income			46						45						43
Real estate			6						8						8
Cash and other			1						1						1
			100						100						100

Fair Value of Plan Assets

($ millions)			Level 1 (1)						Level 2 (1)						Level 3 (1)						Total
2023
Equities			666						1,059						—						1,725
Fixed income			232						1,447						—						1,679
Real estate			—						—						291						291
Cash and other			34						14						—						48
			932						2,520						291						3,743
2022
Equities			666						1,005						—						1,671
Fixed income			199						1,289						—						1,488
Real estate			—						—						282						282
Cash and other			5						22						—						27
			870						2,316						282						3,468

(1)    See Note 26 for a description of the fair value hierarchy.

Schedule of Level 3 Changes in Plan Assets

The following table reconciles the changes in the fair value of plan assets that have been measured using Level 3 inputs.

($ millions)			2023						2022
Balance, beginning of year			282						256
Return on plan assets			(9)						28
Foreign currency translation			(1)						3
Purchases, sales and settlements			19						(5)
Balance, end of year			291						282

Schedule of Amounts Recognized in Balance Sheet

Funded Status			Defined Benefit Pension Plans												OPEB Plans
($ millions)			2023						2022						2023						2022
Change in benefit obligation (1)
Balance, beginning of year			3,063						3,922						582						747
Service costs			62						106						22						35
Employee contributions			17						18						3						3
Interest costs			159						114						30						21
Benefits paid			(169)						(195)						(31)						(29)
Actuarial losses (gains)			255						(1,026)						(1)						(225)
Foreign currency translation			(40)						124						(9)						30
Balance, end of year (2)			3,347						3,063						596						582
Change in value of plan assets
Balance, beginning of year			3,079						3,722						389						440
Actual return on plan assets			373						(651)						61						(77)
Benefits paid			(162)						(187)						(26)						(24)
Employee contributions			17						18						3						3
Employer contributions			46						54						13						19
Foreign currency translation			(40)						123						(10)						28
Balance, end of year			3,313						3,079						430						389
Funded status			(34)						16						(166)						(193)
Balance sheet presentation
Other assets (Note 9)			236						188						119						86
Other current liabilities (Note 13)			(15)						(15)						(13)						(13)
Other liabilities (Note 16)			(255)						(157)						(272)						(266)
			(34)						16						(166)						(193)

(1)Amounts reflect projected benefit obligation for defined benefit pension plans and accumulated benefit obligation for OPEB plans.

(2)The accumulated benefit obligation, which excludes assumptions about future salary levels, for defined benefit pension plans was $2,983 million as at December 31, 2023 (2022 - $2,818 million).

Schedule of Funded Status

Funded Status			Defined Benefit Pension Plans												OPEB Plans
($ millions)			2023						2022						2023						2022
Change in benefit obligation (1)
Balance, beginning of year			3,063						3,922						582						747
Service costs			62						106						22						35
Employee contributions			17						18						3						3
Interest costs			159						114						30						21
Benefits paid			(169)						(195)						(31)						(29)
Actuarial losses (gains)			255						(1,026)						(1)						(225)
Foreign currency translation			(40)						124						(9)						30
Balance, end of year (2)			3,347						3,063						596						582
Change in value of plan assets
Balance, beginning of year			3,079						3,722						389						440
Actual return on plan assets			373						(651)						61						(77)
Benefits paid			(162)						(187)						(26)						(24)
Employee contributions			17						18						3						3
Employer contributions			46						54						13						19
Foreign currency translation			(40)						123						(10)						28
Balance, end of year			3,313						3,079						430						389
Funded status			(34)						16						(166)						(193)
Balance sheet presentation
Other assets (Note 9)			236						188						119						86
Other current liabilities (Note 13)			(15)						(15)						(13)						(13)
Other liabilities (Note 16)			(255)						(157)						(272)						(266)
			(34)						16						(166)						(193)

(1)Amounts reflect projected benefit obligation for defined benefit pension plans and accumulated benefit obligation for OPEB plans.

(2)The accumulated benefit obligation, which excludes assumptions about future salary levels, for defined benefit pension plans was $2,983 million as at December 31, 2023 (2022 - $2,818 million).

Schedule of Net Benefit Costs

Net Benefit Cost (1)			Defined Benefit Pension Plans												OPEB Plans
($ millions)			2023						2022						2023						2022
Service costs			62						106						22						35
Interest costs			159						114						30						21
Expected return on plan assets			(202)						(194)						(22)						(23)
Amortization of actuarial (gains) losses			(9)						4						(19)						(10)
Amortization of past service credits/plan amendments			(1)						(1)						(1)						(1)
Regulatory adjustments			12						(10)						5						4
			21						19						15						26

(1)    The non-service benefit cost components of net periodic benefit cost are included in other income, net in the consolidated statements of earnings.

Schedule of Amounts Recognized in AOCI and Net Regulatory Assets

The following table summarizes the accumulated amounts of net benefit cost that have not yet been recognized in earnings or comprehensive income and shows their classification on the consolidated balance sheets.

			Defined Benefit Pension Plans												OPEB Plans
($ millions)			2023						2022						2023						2022
Unamortized net actuarial losses (gains)			12						9						(10)						(11)
Unamortized past service costs			1						1						6						7
Income tax (recovery) expense			(3)						(2)						1						1
Accumulated other comprehensive income			10						8						(3)						(3)
Net actuarial losses (gains)			189						103						(215)						(195)
Past service credits			(2)						(4)						(3)						(4)
Other regulatory deferrals			(11)						(6)						2						7
			176						93						(216)						(192)
Regulatory assets (Note 8)			254						207						—						—
Regulatory liabilities (Note 8)			(78)						(114)						(216)						(192)
Net regulatory assets (liabilities)			176						93						(216)						(192)

Schedule of Amounts Recognized in OCI and Regulatory Assets

The following table summarizes the components of net benefit cost recognized in comprehensive income or as regulatory assets (liabilities).

			Defined Benefit Pension Plans												OPEB Plans
($ millions)			2023						2022						2023						2022
Current year net actuarial losses (gains)			4						(23)						1						(6)
Past service cost/plan amendments			—						—						(1)						—
Amortization of actuarial losses			—						1						—						—
Foreign currency translation			(1)						(2)						—						—
Income tax (recovery) expense			(1)						6						—						1
Total recognized in comprehensive income			2						(18)						—						(5)
Current year net actuarial losses (gains)			78						(155)						(40)						(118)
Past service cost/plan amendments			—						—						—						1
Amortization of actuarial gains (losses)			9						(6)						18						10
Amortization of past service credits			2						1						1						1
Foreign currency translation			(1)						4						2						(6)
Regulatory adjustments			(5)						(16)						(5)						(7)
Total recognized in regulatory assets (liabilities)			83						(172)						(24)						(119)

Schedule of Assumptions Used

Significant Assumptions			Defined Benefit Pension Plans												OPEB Plans
(weighted average %)			2023						2022						2023						2022
Discount rate as at December 31 (1)			4.84						5.27						4.94						5.36
Expected long-term rate of return on plan assets (2)			6.58						5.87						5.92						5.00
Rate of compensation increase			3.37						3.33						—						—
Health care cost trend increase as at December 31 (3)			—						—						4.52						4.48

(1)The discount rate used during the year was 5.36% for defined benefit pension plans (2022 - 2.97%) and 5.39% for OPEB Plans (2022 - 2.97%). ITC and UNS Energy use the split discount rate methodology for determining current service and interest costs. All other subsidiaries use the single discount rate approach.

(2)Developed by management using best estimates of expected returns, volatilities and correlations for each class of asset. Best estimates are based on historical performance, future expectations and periodic portfolio rebalancing among the diversified asset classes.

(3)The projected 2024 health care cost trend rate is 5.95% and is assumed to decrease over the next 10 years to the ultimate health care cost trend rate of 4.52% in 2033 and thereafter

Schedule of Expected Benefit Payments

Expected Benefit Payments			Defined Benefit						OPEB
($ millions)			Pension Payments						Payments
2024			$	184					$	30
2025			188						31
2026			195						32
2027			200						33
2028			206						34
2029-2033			1,113						187

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