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Post-employment benefit plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Employee Benefits [Abstract] |
Components of post-employment benefit plans service cost | COMPONENTS OF POST-EMPLOYMENT BENEFIT PLANS SERVICE COST
FOR THE YEAR ENDED DECEMBER 31 | 2021 | 2020
DB pension | (223) |  | (219) |
DC pension | (113) |  | (113) |
OPEBs | (2) |  | (2) |
Less: |  |
| Capitalized benefit plans cost | 72 |  | 65 |
Total post-employment benefit plans service cost | (266) |  | (269) |
Components of post-employment benefit plans financing cost | COMPONENTS OF POST-EMPLOYMENT BENEFIT PLANS FINANCING COST
FOR THE YEAR ENDED DECEMBER 31 | 2021 | 2020
DB pension | 11 |  | (10) |
OPEBs | (31) |  | (36) |
Total interest on post-employment benefit obligations | (20) |  | (46) |
Defined benefit plans recognized in comprehensive income | The statements of comprehensive income include the following amounts before income taxes.
|  | 2021 | 2020
Cumulative losses recognized directly in equity, January 1 | (2,014) |  | (2,701) |
| Actuarial gains in o ther comprehensive income from continuing operations(1) | 3,020 |  | 732 |
| Increase in the effect of the asset limit in o ther comprehensive income from continuing operations (2) | (587) |  | (45) |
Cumulative gains (losses) recognized directly in equity, December 31 | 419 |  | (2,014) |
(1)The cumulative actuarial gains recognized in the statement of comprehensive income are $805 million in 2021. (2)The cumulative increase in the effect of the asset limit recognized in the statement of comprehensive income is $386 million in 2021.
Components of post-employment benefit (obligations) assets | The following table shows the change in post-employment benefit obligations and the fair value of plan assets.
|  |  |  | DB PENSION PLANS | OPEB PLANS | TOTAL
|  |  |  | 2021 | 2020 | 2021 | 2020 | 2021 | 2020
Post-employment benefit obligations, January 1 | (27,149) |  | (25,650) |  | (1,600) |  | (1,529) |  | (28,749) |  | (27,179) |
| Current service cost | (223) |  | (219) |  | (2) |  | (2) |  | (225) |  | (221) |
| Interest on obligations | (697) |  | (782) |  | (39) |  | (46) |  | (736) |  | (828) |
| Actuarial gains (losses)(1) | 2,137 |  | (1,830) |  | 113 |  | (90) |  | 2,250 |  | (1,920) |
| Benefit payments | 1,396 |  | 1,342 |  | 71 |  | 67 |  | 1,467 |  | 1,409 |
| Employee contributions | (9) |  | (10) |  | — |  | — |  | (9) |  | (10) |
| Other | 1 |  | — |  | — |  | — |  | 1 |  | — |
Post-employment benefit obligations, December 31 | (24,544) |  | (27,149) |  | (1,457) |  | (1,600) |  | (26,001) |  | (28,749) |
Fair value of plan assets, January 1 | 27,785 |  | 25,530 |  | 344 |  | 320 |  | 28,129 |  | 25,850 |
| Expected return on plan assets(2) | 708 |  | 772 |  | 8 |  | 10 |  | 716 |  | 782 |
| Actuarial gains(1) | 766 |  | 2,632 |  | 4 |  | 20 |  | 770 |  | 2,652 |
| Benefit payments | (1,396) |  | (1,342) |  | (71) |  | (67) |  | (1,467) |  | (1,409) |
| Employer contributions | 168 |  | 183 |  | 65 |  | 61 |  | 233 |  | 244 |
| Employee contributions | 9 |  | 10 |  | — |  | — |  | 9 |  | 10 |
| Other |  |  | — |  | — |  | 1 |  | — |  | 1 |  | — |
Fair value of plan assets, December 31 | 28,040 |  | 27,785 |  | 351 |  | 344 |  | 28,391 |  | 28,129 |
Plan asset (deficit) |  |  | 3,496 |  | 636 |  | (1,106) |  | (1,256) |  | 2,390 |  | (620) |
Effect of asset limit |  |  | (652) |  | (65) |  | — |  | — |  | (652) |  | (65) |
Post-employment benefit asset (liability), December 31 | 2,844 |  | 571 |  | (1,106) |  | (1,256) |  | 1,738 |  | (685) |
Post-employment benefit assets | 3,472 |  | 1,277 |  | — |  | — |  | 3,472 |  | 1,277 |
Post-employment benefit obligations | (628) |  | (706) |  | (1,106) |  | (1,256) |  | (1,734) |  | (1,962) |
(1)Actuarial gains (losses) include experience gains of $907 million in 2021 and $2,613 million in 2020. (2)The actual return on plan assets was $1,486 million or 5.7% in 2021 and $3,434 million or 13.7% in 2020.
Funded status of post-employment benefit plans cost | The following table shows the funded status of our post-employment benefit obligations.
|  | FUNDED | PARTIALLY FUNDED(1) | UNFUNDED(2) | TOTAL
FOR THE YEAR ENDED DECEMBER 31 |  | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020
Present value of post-employment benefit obligations | (23,872) |  | (26,421) |  | (1,840) |  | (2,011) |  | (289) |  | (317) |  | (26,001) |  | (28,749) |
Fair value of plan assets | 27,979 |  | 27,727 |  | 412 |  | 402 |  | — |  | — |  | 28,391 |  | 28,129 |
Plan surplus (deficit) | 4,107 |  | 1,306 |  | (1,428) |  | (1,609) |  | (289) |  | (317) |  | 2,390 |  | (620) |
(1)The partially funded plans consist of supplementary executive retirement plans (SERPs) for eligible employees and certain OPEBs. The company partially funds the SERPs through letters of credit and a retirement compensation arrangement account with Canada Revenue Agency. Certain paid-up life insurance benefits are funded through life insurance contracts. (2)Our unfunded plans consist of certain OPEBs, which are paid as claims are incurred.
Disclosure of significant assumptions | We used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans.
|  |  | DB PENSION PLANS AND OPEB PLANS
FOR THE YEAR ENDED DECEMBER 31 |  | 2021 | 2020
Post-employment benefit obligations |  |
| Discount rate | 3.2 | % | 2.6 | %
| Rate of compensation increase | 2.25 | % | 2.25 | %
| Cost of living indexation rate(1) | 1.6 | % | 1.6 | %
| Life expectancy at age 65 (years) | 23.3 |  | 23.2 |
(1)Cost of living indexation rate is only applicable to DB pension plans.
|  |  | DB PENSION PLANS AND OPEB PLANS
FOR THE YEAR ENDED DECEMBER 31 |  | 2021 | 2020
Net post-employment benefit plans cost |  |
| Discount rate | 2.9 | % | 3.2 | %
| Rate of compensation increase | 2.25 | % | 2.25 | %
| Cost of living indexation rate(1) | 1.6 | % | 1.6 | %
| Life expectancy at age 65 (years) | 23.2 |  | 23.2 |
(1)Cost of living indexation rate is only applicable to DB pension plans.
Healthcare cost trend rates and sensitivity analysis | The following table shows the effect of a 1% change in the assumed trend rates in healthcare costs.
EFFECT ON POST-EMPLOYMENT BENEFITS – INCREASE/(DECREASE) | 1% INCREASE | 1% DECREASE
Total service and interest cost | 3 |  | (2) |
Post-employment benefit obligations | 101 |  | (86) |
The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net post-employment benefit plans cost for our DB pension plans and OPEB plans.
|  |  |  | IMPACT ON NET POST-EMPLOYMENT BENEFIT PLANS COST FOR 2021 – INCREASE/(DECREASE) | IMPACT ON POST-EMPLOYMENT BENEFIT OBLIGATIONS AT DECEMBER 31, 2021 – INCREASE/(DECREASE)
|  |  | CHANGE IN ASSUMPTION | INCREASE IN ASSUMPTION | DECREASE IN ASSUMPTION | INCREASE IN ASSUMPTION | DECREASE IN ASSUMPTION
Discount rate | 0.5 | % | (68) |  | 57 |  | (1,612) |  | 1,794 |
Life expectancy at age 65 | 1 year | 32 |  | (32) |  | 936 |  | (962) |
Post-employment benefit plan assets | The following table shows the target allocations for 2021 and the allocation of our post-employment benefit plan assets at December 31, 2021 and 2020.
|  |  | WEIGHTED AVERAGE TARGET ALLOCATION | TOTAL PLAN ASSETS FAIR VALUE
ASSET CATEGORY | 2021 | December 31, 2021 | December 31, 2020
Equity securities | 0%-40% | 16 | % | 23 | %
Debt securities | 60%-100% | 64 | % | 60 | %
Alternative investments | 0%-50% | 20 | % | 17 | %
Total |  | 100 | % | 100 | %
The following table shows the fair value of the DB pension plan assets for each category.
FOR THE YEAR ENDED DECEMBER 31 | 2021 | 2020
Observable markets data |  |
| Equity securities |  |
|  | Canadian | 952 |  | 1,027 |
|  | Foreign | 3,436 |  | 5,242 |
| Debt securities |  |
|  | Canadian | 13,643 |  | 13,361 |
|  | Foreign | 2,728 |  | 2,913 |
|  | Money market | 1,466 |  | 369 |
Non-observable markets inputs |  |
| Alternative investments |  |
|  | Private equities | 3,123 |  | 2,564 |
|  | Hedge funds | 1,208 |  | 1,200 |
|  | Real estate | 1,429 |  | 1,033 |
|  | Other | 55 |  | 76 |
Total | 28,040 |  | 27,785 |
Disclosure of contributions to post-employment benefit plans | The following table shows the amounts we contributed to the DB and DC pension plans and the payments made to beneficiaries under OPEB plans.
|  |  | DB PLANS | DC PLANS | OPEB PLANS
FOR THE YEAR ENDED DECEMBER 31 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020
Contributions/payments | (168) |  | (183) |  | (114) |  | (114) |  | (65) |  | (61) |

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