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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Employee Benefit Plans [Abstract]  
Changes in Benefit Obligation and Plan Assets and Funded Status
For the
 
Year ended December 31
millions of dollars
2023
2022
Change in Projected Benefit Obligation
("PBO") and Accumulated Post-
retirement Benefit Obligation ("APBO")
Defined benefit
pension plans
Non-pension
benefit plans
Defined benefit
pension plans
Non-pension
benefit plans
Balance, January 1
$
 
2,158
$
 
243
$
 
2,624
$
 
318
Service cost
 
30
 
3
 
41
 
4
Plan participant contributions
 
6
 
6
 
6
 
6
Interest cost
 
111
 
13
 
80
 
9
Plan amendments
-
 
(14)
-
 
-
 
Benefits paid
 
(147)
(29)
(174)
(31)
Actuarial losses (gains)
 
146
 
10
(480)
(79)
Settlements and curtailments
(8)
-
 
(6)
-
 
FX translation adjustment
(23)
(5)
 
67
 
16
Balance, December 31
$
 
2,273
$
 
227
$
 
2,158
$
 
243
Change in plan assets
Balance, January 1
$
 
2,163
$
 
46
$
 
2,702
$
 
51
Employer contributions
 
42
 
23
 
45
 
24
Plan participant contributions
 
 
6
 
6
 
6
 
6
Benefits paid
(147)
(29)
(174)
(31)
Actual return on assets, net of expenses
 
262
 
3
(489)
(7)
Settlements and curtailments
(8)
-
 
(6)
-
 
FX translation adjustment
(20)
(1)
 
79
 
3
Balance, December 31
$
 
2,298
$
 
48
$
 
2,163
$
 
46
Funded status, end of year
 
$
 
25
$
(179)
$
 
5
$
(197)
Plans with PBO/APBO in Excess of Plan Assets and Plans with Accumulated Benefit Obligation ("ABO") in Excess of Plan Assets
millions of dollars
2023
2022
Defined benefit
pension plans
Non-pension
benefit plans
Defined benefit
pension plans
Non-pension
benefit plans
PBO/APBO
$
 
120
$
 
205
$
 
1,006
$
 
221
FV of plan assets
 
37
-
 
 
914
-
 
Funded status
$
(83)
$
(205)
$
(92)
$
(221)
millions of dollars
2023
2022
Defined benefit
pension plans
Defined benefit
pension plans
ABO
$
 
114
$
 
111
FV of plan assets
 
37
 
33
Funded status
$
(77)
$
(78)
Amounts Recognized in Consolidated Balance Sheets
As at
December 31
December 31
millions of dollars
2023
2022
Defined benefit
pension plans
Non-pension
benefit plans
Defined benefit
pension plans
Non-pension
benefit plans
Other current liabilities
$
(5)
$
(18)
$
(13)
$
(20)
Long-term liabilities
(78)
(187)
(80)
(201)
Other long-term assets
 
108
 
26
 
98
 
24
AOCI, net of tax and regulatory assets
 
385
 
20
 
358
 
22
Less: Deferred income tax (expense)
recovery in AOCI
(8)
(1)
(7)
(1)
Net amount recognized
$
 
402
$
(160)
$
 
356
$
(176)
Amounts Recognized in AOCI and Regulatory Assets
Regulatory assets
Actuarial
 
(gains) losses
Past service
(gains) costs
millions of dollars
Defined Benefit Pension Plans
Balance, January 1, 2023
$
 
336
$
 
15
$
-
 
Amortized in current period
(6)
(3)
-
 
Current year additions
 
1
 
41
-
 
Change in FX rate
(7)
-
 
-
 
Balance, December 31, 2023
$
 
324
$
 
53
$
-
 
Non-pension benefits plans
Balance, January 1, 2023
$
 
31
$
(10)
$
-
 
Amortized in current period
 
2
 
3
-
 
Current year reductions
(3)
(1)
(3)
Change in FX rate
(1)
-
 
 
1
Balance, December 31, 2023
$
 
29
$
(8)
$
(2)
As at
December
31
December
31
millions of dollars
2023
2022
Defined benefit
pension plans
Non-pension
benefit plans
Defined benefit
pension plans
Non-pension
benefit plans
Actuarial losses (gains)
$
 
53
(8)
$
 
15
$
(10)
Past service gains
-
 
(2)
-
 
-
 
Deferred income tax expense
 
8
 
1
 
7
 
1
AOCI, net of tax
 
61
(9)
 
22
(9)
Regulatory assets
 
324
 
29
 
336
 
31
AOCI, net of tax and regulatory assets
$
 
385
$
 
20
$
 
358
$
 
22
Net Periodic Benefit Cost
As at
Year ended December 31
millions of dollars
2023
2022
Defined benefit
pension plans
Non-pension
benefit plans
Defined benefit
pension plans
Non-pension
benefit plans
Service cost
$
 
30
$
 
3
$
 
41
$
 
4
Interest cost
 
111
 
13
 
80
 
9
Expected return on plan assets
(161)
(2)
(144)
-
 
Current year amortization of:
 
Actuarial losses (gains)
 
1
(3)
 
8
-
 
 
Regulatory assets (liability)
 
6
(2)
 
21
 
2
Settlement, curtailments
 
2
-
 
 
2
-
 
Total
$
(11)
$
 
9
$
 
8
$
 
15
Pension Plan Asset Allocations
Canadian Pension Plans
Asset Class
Target Range at Market
Short-term securities
0%
to
10%
Fixed income
34%
to
49%
Equities:
 
Canadian
7%
to
17%
 
Non-Canadian
35%
to
59%
Non-Canadian Pension Plans
Asset Class
Target Range at Market
Weighted average
Cash and cash equivalents
0%
to
10%
Fixed income
29%
to
49%
Equities
48%
to
68%
Fair Value of Plan Assets
millions of dollars
NAV
Level 1
Level 2
Total
Percentage
As at
December 31, 2023
Cash and cash equivalents
$
-
$
40
$
-
$
40
2
%
Net in-transits
-
(9)
-
(9)
-
%
Equity securities:
 
Canadian equity
-
96
-
96
4
%
 
United States equity
 
-
141
-
141
6
%
 
Other equity
-
112
-
112
5
%
Fixed income securities:
 
Government
-
-
172
172
8
%
 
Corporate
-
-
90
90
4
%
 
Other
-
4
5
9
-
%
Mutual funds
-
50
-
50
2
%
Other
-
6
(1)
5
-
%
Open-ended investments
measured at NAV
 
(1)
1,006
-
-
1,006
44
%
Common collective trusts
measured at NAV
(2)
586
-
-
586
25
%
Total
 
$
1,592
$
440
$
266
$
2,298
100
%
As at
December 31, 2022
Cash and cash equivalents
$
-
$
70
$
-
$
70
3
%
Net in-transits
-
(70)
-
(70)
(3)
%
Equity securities:
 
Canadian equity
-
87
-
87
4
%
 
United States equity
 
-
233
-
233
11
%
 
Other equity
-
186
-
186
8
%
Fixed income securities:
 
Government
-
-
104
104
5
%
 
Corporate
-
-
83
83
4
%
 
Other
-
3
11
14
1
%
Mutual funds
-
68
-
68
3
%
Other
-
-
(3)
(3)
-
%
Open-ended investments
measured at NAV
 
(1)
790
-
-
790
36
%
Common collective trusts
measured at NAV
(2)
601
-
-
601
28
%
Total
 
$
 
1,391
$
 
577
$
 
195
$
 
2,163
100
%
(1) Net asset value ("NAV") investments are open-ended
 
registered and non-registered mutual funds, collective investment trusts,
or pooled funds. NAV’s are calculated
 
at least monthly and the funds honour subscription and redemption activity regularly.
(2) The common collective trusts are private funds valued at NAV.
 
The NAVs are calculated based on bid prices
 
of the underlying
securities. Since the prices are not published to external sources, NAV
 
is used as a practical expedient. Certain funds invest
primarily in equity securities of domestic and foreign issuers while others invest in long duration U.S. investment grade fixed
income assets and seeks to increase return through active management of interest rate and credit risks. The funds honour
subscription and redemption activity regularly.
Expected Cash Flows for Defined Benefit Pension and Other Post-Retirement Benefit Plans
millions of dollars
Defined benefit
pension plans
Non-pension
benefit plans
Expected employer contributions
2024
$
 
34
$
 
19
Expected benefit payments
2024
 
172
 
21
2025
 
163
 
21
2026
 
166
 
21
2027
 
171
 
21
2028
 
173
 
20
2029 – 2033
 
890
 
95
Assumptions Used in Accounting for Defined Benefit Pension and Other Post-Retirement Benefit Plans
Assumptions:
The following table shows the assumptions that have been used in accounting for DB pension and other
post-retirement benefit plans:
2023
2022
(weighted average assumptions)
Defined benefit
pension plans
Non-pension
benefit plans
Defined benefit
pension plans
Non-pension
benefit plans
Benefit obligation – December 31:
Discount rate - past service
4.89
%
4.89
%
5.33
%
5.31
%
Discount rate - future service
4.88
%
4.89
%
5.34
%
5.32
%
Rate of compensation increase
3.87
%
3.85
%
3.62
%
3.61
%
Health care trend
 
- initial (next year)
-
6.04
%
-
5.40
%
 
- ultimate
 
-
3.76
%
-
3.77
%
 
- year ultimate reached
2043
2043
Benefit cost for year ended December 31:
Discount rate - past service
5.33
%
5.31
%
3.05
%
2.81
%
Discount rate - future service
5.34
%
5.32
%
3.18
%
2.92
%
Expected long-term return on plan assets
6.56
%
2.16
%
6.07
%
1.32
%
Rate of compensation increase
3.62
%
3.61
%
3.31
%
3.29
%
Health care trend
 
- initial (current year)
-
5.40
%
-
5.09
%
 
- ultimate
 
-
3.77
%
-
3.77
%
 
- year ultimate reached
2043
2042
Actual assumptions used differ by plan.