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Employee Benefit Plans (Tables)
12 Months Ended
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.