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Post-employment benefit plans (Tables) | 12 Months Ended
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Dec. 31, 2023
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 | 2023 | 2022
DB pension | (128) |  | (193) |
DC pension | (133) |  | (118) |
OPEBs | (1) |  | (2) |
Less: |  |
| Capitalized benefit plans cost | 56 |  | 64 |
Total post-employment benefit plans service cost | (206) |  | (249) |
Components of post-employment benefit plans financing cost | COMPONENTS OF POST-EMPLOYMENT BENEFIT PLANS FINANCING INCOME
FOR THE YEAR ENDED DECEMBER 31 | 2023 | 2022
DB pension | 149 |  | 84 |
OPEBs | (41) |  | (33) |
Total net return on post-employment benefit plans | 108 |  | 51 |
Defined benefit plans recognized in comprehensive income | The statements of comprehensive income include the following amounts before income taxes.
|  | 2023 | 2022
Cumulative gains recognized directly in equity, January 1 | 985 |  | 419 |
| Actuarial (losses) gains in other comprehensive (loss) income(1) | (835) |  | 894 |
| Decrease (increase) in the effect of the asset limit in other comprehensive (loss) income(2) | 282 |  | (328) |
Cumulative gains recognized directly in equity, December 31 | 432 |  | 985 |
(1)The cumulative actuarial gains recognized in the statements of comprehensive income are $864 million at December 31, 2023. (2)The cumulative increase in the effect of the asset limit recognized in the statements of comprehensive income is $432 million at December 31, 2023.
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
|  |  |  | 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Post-employment benefit obligations, January 1 | (19,295) |  | (24,544) |  | (1,138) |  | (1,457) |  | (20,433) |  | (26,001) |
| Current service cost | (128) |  | (193) |  | (1) |  | (2) |  | (129) |  | (195) |
| Interest on obligations | (993) |  | (770) |  | (58) |  | (44) |  | (1,051) |  | (814) |
| Actuarial (losses) gains(1) | (1,572) |  | 4,856 |  | 51 |  | 294 |  | (1,521) |  | 5,150 |
| Benefit payments | 1,401 |  | 1,366 |  | 72 |  | 70 |  | 1,473 |  | 1,436 |
| Employee contributions | (8) |  | (9) |  | — |  | — |  | (8) |  | (9) |
| Other | — |  | (1) |  | — |  | 1 |  | — |  | — |
Post-employment benefit obligations, December 31 | (20,595) |  | (19,295) |  | (1,074) |  | (1,138) |  | (21,669) |  | (20,433) |
Fair value of plan assets, January 1 | 23,355 |  | 28,040 |  | 327 |  | 351 |  | 23,682 |  | 28,391 |
| Expected return on plan assets(2) | 1,195 |  | 875 |  | 17 |  | 11 |  | 1,212 |  | 886 |
| Actuarial gains (losses) (1) | 692 |  | (4,227) |  | (6) |  | (29) |  | 686 |  | (4,256) |
| Benefit payments | (1,401) |  | (1,366) |  | (72) |  | (70) |  | (1,473) |  | (1,436) |
| Employer contributions | 41 |  | 81 |  | 64 |  | 64 |  | 105 |  | 145 |
| Employee contributions | 8 |  | 9 |  | — |  | — |  | 8 |  | 9 |
| Transfers to DC plans | (124) |  | (57) |  | — |  | — |  | (124) |  | (57) |
| Other |  |  | 2 |  | — |  | — |  | — |  | 2 |  | — |
Fair value of plan assets, December 31 | 23,768 |  | 23,355 |  | 330 |  | 327 |  | 24,098 |  | 23,682 |
Plan asset (deficit) |  |  | 3,173 |  | 4,060 |  | (744) |  | (811) |  | 2,429 |  | 3,249 |
Effect of asset limit |  |  | (719) |  | (980) |  | — |  | — |  | (719) |  | (980) |
Interest on effect of asset limit |  | (53) |  | (21) |  | — |  | — |  | (53) |  | (21) |
Post-employment benefit asset (liability), December 31 | 2,401 |  | 3,059 |  | (744) |  | (811) |  | 1,657 |  | 2,248 |
Post-employment benefit assets | 2,935 |  | 3,559 |  | — |  | — |  | 2,935 |  | 3,559 |
Post-employment benefit obligations | (534) |  | (500) |  | (744) |  | (811) |  | (1,278) |  | (1,311) |
(1)Actuarial (losses) gains include experience gains of $734 million in 2023 and losses of ($4,729) million in 2022. (2)The actual return (loss) on plan assets was $1,898 million or 8.8% in 2023 and ($3,370) million or (11.6%) in 2022.
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 |  | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Present value of post-employment benefit obligations | (20,004) |  | (18,741) |  | (1,453) |  | (1,461) |  | (212) |  | (231) |  | (21,669) |  | (20,433) |
Fair value of plan assets | 23,703 |  | 23,291 |  | 395 |  | 391 |  | — |  | — |  | 24,098 |  | 23,682 |
Plan surplus (deficit) | 3,699 |  | 4,550 |  | (1,058) |  | (1,070) |  | (212) |  | (231) |  | 2,429 |  | 3,249 |
Effect of asset limit |  | (772) |  | (1,001) |  | — |  | — |  | — |  | — |  | (772) |  | (1,001) |
Post-employment benefit asset (liability) | 2,927 |  | 3,549 |  | (1,058) |  | (1,070) |  | (212) |  | (231) |  | 1,657 |  | 2,248 |
(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 |  | 2023 | 2022
Post-employment benefit obligations |  |
| Discount rate | 4.6 | % | 5.3 | %
| Rate of compensation increase | 2.25 | % | 2.25 | %
| Cost of living indexation rate(1) | 1.6 | % | 1.6 | %
| Life expectancy at age 65 (years) | 23.4 |  | 23.3 |
(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 |  | 2023 | 2022
Net post-employment benefit plans cost |  |
| Discount rate | 5.3 | % | 3.4 | %
| 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 |  | 23.3 |
(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 |  | (3) |
Post-employment benefit obligations | 64 |  | (47) |
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 2023 – INCREASE/(DECREASE) | IMPACT ON POST-EMPLOYMENT BENEFIT OBLIGATIONS AT DECEMBER 31, 2023 – INCREASE/(DECREASE)
|  |  | CHANGE IN ASSUMPTION | INCREASE IN ASSUMPTION | DECREASE IN ASSUMPTION | INCREASE IN ASSUMPTION | DECREASE IN ASSUMPTION
Discount rate | 0.5 | % | (83) |  | 78 |  | (1,146) |  | 1,255 |
Cost of living indexation rate | 0.5 | % | 55 |  | (46) |  | 1,007 |  | (822) |
Life expectancy at age 65 | 1 year | 38 |  | (39) |  | 714 |  | (735) |
Post-employment benefit plan assets | The following table shows the target allocations for 2023 and the allocation of our post-employment benefit plan assets at December 31, 2023 and 2022.
|  |  | WEIGHTED AVERAGE TARGET ALLOCATION | TOTAL PLAN ASSETS FAIR VALUE
ASSET CATEGORY | 2023 | December 31, 2023 | December 31, 2022
Equity securities | 0%-40% | 13 | % | 15 | %
Debt securities | 50%-100% | 55 | % | 52 | %
Alternative investments | 0%-50% | 32 | % | 33 | %
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 | 2023 | 2022
Observable markets data |  |
| Equity securities |  |
|  | Canadian | 858 |  | 824 |
|  | Foreign | 2,265 |  | 2,555 |
| Debt securities |  |
|  | Canadian | 10,284 |  | 9,904 |
|  | Foreign | 1,550 |  | 1,537 |
|  | Money market | 1,222 |  | 739 |
Non-observable markets inputs |  |
| Alternative investments |  |
|  | Private equities | 831 |  | 1,017 |
|  | Hedge funds | 1,268 |  | 1,374 |
|  | Real estate and infrastructure | 4,221 |  | 4,297 |
|  | Private debt | 1,237 |  | 1,048 |
|  | Other | 32 |  | 60 |
Total | 23,768 |  | 23,355 |
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 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Contributions/payments | (41) |  | (81) |  | (11) |  | (59) |  | (64) |  | (64) |

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