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POST-EMPLOYMENT BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2017
Employee Benefits [Abstract] |
Disclosure of defined benefit plans actuarial assumptions and contributions | Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded plans.
| As at December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Plan assets, at fair value | 1,890 |  | 1,619 |
Accrued benefit obligations | (2,342 | ) | (2,006 | )
Net deferred pension liability | (452 | ) | (387 | )
Consists of: |  |
Deferred pension asset | 8 |  | 17 |
Deferred pension liability | (460 | ) | (404 | )
Net deferred pension liability | (452 | ) | (387 | )
Below is a summary of the actual contributions to the plans.
| Years ended December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Employer contribution | 145 |  | 125 |
Employee contribution | 42 |  | 35 |
Total contribution | 187 |  | 160 |
Principal actuarial assumptions
| 2017 |  | 2016 |
Weighted average of significant assumptions: |  |
Defined benefit obligation |  |
Discount rate | 3.7 | % | 4.1 | %
Rate of compensation increase | 3.0 | % | 3.0 | %
Mortality rate | CIA Private with CPM B Scale |  | CIA Private with CPM B Scale |
Pension expense |  |
Discount rate | 4.1 | % | 4.3 | %
Rate of compensation increase | 3.0 | % | 3.0 | %
Mortality rate | CIA Private with CPM B Scale |  | CIA Private with CPM B Scale |
Disclosure of sensitivity of key assumptions | Sensitivity of key assumptions In the sensitivity analysis shown below, we determine the defined benefit obligation for our funded plans using the same method used to calculate the defined benefit obligation we recognize on the Consolidated Statements of Financial Position. We calculate sensitivity by changing one assumption while holding the others constant. This leads to limitations in the analysis as the actual change in defined benefit obligation will likely be different from that shown in the table, since it is likely that more than one assumption will change at a time, and that some assumptions are correlated.
| Increase (decrease) in accrued benefit obligation |  | Increase (decrease) in pension expense |
(In millions of dollars) | 2017 |  | 2016 |  | 2017 |  | 2016 |
Discount rate |  |  |  |
Impact of 0.5% increase | (207 | ) | (174 | ) | (25 | ) | (21 | )
Impact of 0.5% decrease | 237 |  | 199 |  | 27 |  | 23 |
Rate of future compensation increase |  |  |  |
Impact of 0.25% increase | 21 |  | 18 |  | 4 |  | 4 |
Impact of 0.25% decrease | (21 | ) | (18 | ) | (4 | ) | (4 | )
Mortality rate |  |  |  |
Impact of 1 year increase | 49 |  | 48 |  | 6 |  | 5 |
Impact of 1 year decrease | (52 | ) | (49 | ) | (6 | ) | (5 | )
Disclosure of net defined benefit liability (asset) | Below is a summary of our pension fund assets.
| Years ended December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Plan assets, beginning of year | 1,619 |  | 1,432 |
Interest income | 72 |  | 68 |
Remeasurements, return on plan assets recognized in other comprehensive income (loss) and equity | 92 |  | 32 |
Contributions by employees | 42 |  | 35 |
Contributions by employer | 145 |  | 125 |
Benefits paid | (76 | ) | (70 | )
Administrative expenses paid from plan assets | (4 | ) | (3 | )
Plan assets, end of year | 1,890 |  | 1,619 |
Below is a summary of the accrued benefit obligations arising from funded obligations.
| Years ended December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Accrued benefit obligations, beginning of year | 2,006 |  | 1,713 |
Service cost | 137 |  | 119 |
Interest cost | 81 |  | 75 |
Benefits paid | (76 | ) | (70 | )
Contributions by employees | 42 |  | 35 |
Remeasurements, recognized in other comprehensive income and equity | 152 |  | 134 |
Accrued benefit obligations, end of year | 2,342 |  | 2,006 |
Below is a summary of the effect of the asset ceiling.
| Years ended December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Asset ceiling, beginning of year | — |  | (3 | )
Interest | — |  | — |
Remeasurements, change in asset ceiling (excluding interest income) | — |  | 3 |
Asset ceiling, end of year | — |  | — |
Below is a summary of our net pension expense. Net interest cost is included in finance costs; other pension expenses are included in salaries and benefits expense in operating costs on the Consolidated Statements of Income.
| Years ended December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Plan cost: |  |
Service cost | 137 |  | 119 |
Net interest cost | 9 |  | 7 |
Net pension expense | 146 |  | 126 |
Administrative expense | 4 |  | 3 |
Total pension cost recognized in net income | 150 |  | 129 |
Net interest cost, a component of the plan cost above, is included in finance costs and is outlined as follows:
| Years ended December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Interest income on plan assets | (72 | ) | (68 | )
Interest cost on plan obligation | 81 |  | 75 |
Net interest cost recognized in finance costs | 9 |  | 7 |
The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:
| Years ended December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Return on plan assets (excluding interest income) | 92 |  | 32 |
Change in financial assumptions | (168 | ) | (69 | )
Effect of experience adjustments | 16 |  | (65 | )
Change in asset ceiling | — |  | 3 |
Remeasurement loss recognized in other comprehensive loss and equity | (60 | ) | (99 | )
We also provide supplemental unfunded pension benefits to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, and other comprehensive income.
| Years ended December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Accrued benefit obligation, beginning of year | 62 |  | 56 |
Pension expense included in employee salaries and benefits expense | 2 |  | 5 |
Net interest cost recognized in finance costs | 3 |  | 2 |
Remeasurement loss recognized in other comprehensive income | 2 |  | 2 |
Benefits paid | (3 | ) | (3 | )
Accrued benefit obligation, end of year | 66 |  | 62 |
Disclosure of fair value of plan assets | ALLOCATION OF PLAN ASSETS
| Allocation of plan assets | Target asset allocation percentage
| 2017 |  | 2016 |
Equity securities: |  |  |
Domestic | 11.8 | % | 12.4 | % | 7% to 17%
International | 48.1 | % | 48.8 | % | 33% to 63%
Debt securities | 39.3 | % | 38.5 | % | 30% to 50%
Other - cash | 0.8 | % | 0.3 | % | 0% to 2%
Total | 100.0 | % | 100.0 | % |
Plan assets are comprised mainly of pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.
| As at December 31 |
(In millions of dollars) | 2017 |  | 2016 |
Equity securities | 1,134 |  | 990 |
Debt securities | 742 |  | 625 |
Other - cash | 14 |  | 4 |
Total fair value of plan assets | 1,890 |  | 1,619 |

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