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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Employee Benefit Plans [Abstract] |
Changes in Benefit Obligation and Plan Assets and Funded Status | For the Year ended December 31 millions of dollars 2024 2023 DB pension plans Non-pension benefit plans DB pension plans Non-pension benefit plans Change in Projected Benefit Obligation ("PBO") and Accumulated Post-retirement Benefit Obligation ("APBO"): Balance, January 1 $ 2,273 $ 227 $ 2,158 $ 243 Service cost 35 3 30 3 Plan participant contributions 6 5 6 6 Interest cost 110 12 111 13 Plan amendments - - - (14) Benefits paid (153) (21) (147) (29) Actuarial losses (gains) (1) 13 (3) 146 10 Settlements and curtailments - - (8) - FX translation adjustment 83 18 (23) (5) Balance, December 31 $ 2,367 $ 241 $ 2,273 $ 227 Change in plan assets: Balance, January 1 $ 2,298 $ 48 $ 2,163 $ 46 Employer contributions 36 13 42 23 Plan participant contributions 6 5 6 6 Benefits paid (153) (21) (147) (29) Actual return on assets, net of expenses 226 4 262 3 Settlements and curtailments - - (8) - FX translation adjustment 80 5 (20) (1) Balance, December 31 $ 2,493 $ 54 $ 2,298 $ 48 Funded status, end of year $ 126 $ (187) $ 25 $ (179) (1) The actuarial losses recognized in the period are primarily due to changes in the discount rate, higher than expected indexation, and compensation-related assumption changes.
Plans with PBO/APBO in Excess of Plan Assets and Plans with Accumulated Benefit Obligation ("ABO") in Excess of Plan Assets | millions of dollars 2024 2023 DB pension plans Non-pension benefit plans DB pension plans Non-pension benefit plans PBO/APBO $ 95 $ 219 $ 120 $ 205 FV of plan assets 11 - 37 - Funded status $ (84) $ (219) $ (83) $ (205) millions of dollars 2024 2023 DB pension plans DB pension plans ABO $ 90 $ 114 FV of plan assets 11 37 Funded status $ (79) $ (77)
Amounts Recognized in Consolidated Balance Sheets | As at December 31 December 31 millions of dollars 2024 2023 DB pension plans Non-pension benefit plans DB pension plans Non-pension benefit plans Other current liabilities $ (5) $ (21) $ (5) $ (18) Liabilities associated with assets held for sale (1) - (1) - - Long-term liabilities (78) (196) (78) (187) Other long-term assets 208 - 108 26 Assets held for sale (1) 1 31 - - AOCI, net of tax and regulatory assets 354 22 385 20 Deferred income tax expense in AOCI (8) (1) (8) (1) Net amount recognized $ 472 $ (166) $ 402 $ (160) (1) On August 5, 2024, Emera announced an agreement to sell NMGC. As at December 31, 2024, NMGC's assets and liabilities were classified as held for sale. For further details on the pending transaction, refer to note 4.
Amounts Recognized in AOCI and Regulatory Assets | Regulatory assets Actuarial (gains) losses Past service gains millions of dollars DB Pension Plans: Balance, January 1, 2024 $ 324 $ 53 $ - Amortized in current period (9) (3) - Current year additions 19 (67) - Change in FX rate 29 - - Balance, December 31, 2024 $ 363 $ (17) $ - Non-pension benefits plans: Balance, January 1, 2024 $ 29 $ (8) $ (2) Amortized in current period 2 1 2 Current year reductions (5) (1) - Change in FX rate 3 - - Balance, December 31, 2024 $ 29 $ (8) $ - As at December 31 December 31 millions of dollars 2024 2023 DB pension plans Non-pension benefit plans DB pension plans Non-pension benefit plans Actuarial (gains) losses $ (17) (8) $ 53 (8) Past service gains - - - (2) Deferred income tax expense 8 1 8 1 AOCI, net of tax (9) (7) 61 (9) Regulatory assets 363 29 324 29 AOCI, net of tax and regulatory assets $ 354 $ 22 $ 385 $ 20
Net Periodic Benefit Cost | As at Year ended December 31 millions of dollars 2024 2023 DB pension plans Non-pension benefit plans DB pension plans Non-pension benefit plans Service cost $ 35 $ 3 $ 30 $ 3 Interest cost 110 12 111 13 Expected return on plan assets (160) (2) (161) (2) Current year amortization of: Actuarial losses (gains) 3 (2) 1 (3) Past service gains - (2) - - Regulatory assets 9 (2) 6 (2) Settlement, curtailments - 1 2 - Total $ (3) $ 8 $ (11) $ 9
Pension Plan Asset Allocations | Asset Class Target Range at Market Canadian Pension Plans: Short-term securities 0% to 10% Fixed income 34% to 49% Equities: Canadian 5% to 15% Non-Canadian 37% to 61% Non-Canadian Pension Plans: 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, 2024 Cash and cash equivalents $ - $ 39 $ - $ 39 2 % Net in-transits - (27) - (27) (1) % Equity securities: Canadian equity - 109 - 109 4 % United States equity - 312 - 312 12 % Other equity - 140 - 140 5 % Fixed income securities: Government - - 132 132 5 % Corporate - - 92 92 4 % Other - - 22 22 1 % Mutual funds - 13 - 13 1 % Open-ended investments measured at NAV (1) 1,142 - - 1,142 46 % Common collective trusts measured at NAV (2) 519 - - 519 21 % Total $ 1,661 $ 586 $ 246 $ 2,493 100 % 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 % (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 DB pension plans Non-pension benefit plans Expected employer contributions 2025 $ 41 $ 21 Expected benefit payments 2025 175 23 2026 179 23 2027 182 23 2028 184 23 2029 186 22 2030 – 2034 950 103
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: 2024 2023 (weighted average assumptions) DB pension plans Non-pension benefit plans DB pension plans Non-pension benefit plans Benefit obligation – December 31: Discount rate - past service 5.07 % 4.91 % 4.89 % 4.89 % Discount rate - future service 5.12 % 5.00 % 4.88 % 4.89 % Rate of compensation increase 3.73 % 3.72 % 3.87 % 3.85 % Health care trend - initial (next year) - 6.53 % - 6.04 % - ultimate - 3.77 % - 3.76 % - year ultimate reached 2044 2043 Benefit cost for year ended 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 % Expected long-term return on plan assets 6.43 % 3.69 % 6.56 % 2.16 % Rate of compensation increase 3.87 % 3.85 % 3.62 % 3.61 % Health care trend - initial (current year) - 6.04 % - 5.40 % - ultimate - 3.76 % - 3.77 % - year ultimate reached 2043 2043 Actual assumptions used differ by plan.

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- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-2 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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