Employee future benefits

12 Months Ended

Dec. 31, 2021

Employee future benefits:


	December 31, 2021		December 31, 2020
Net defined benefit pension plan liability	$	1,814	$	3,856
Net other post-retirement benefit plan liability	80		85
Employee future benefits	$	1,894	$	3,941

The Corporation maintains a defined benefit pension plan covering existing and former employees in the United States. The benefits under the pension plan are based on years of service and salary levels accrued as of December 31, 2009. In 2009, amendments were made to the defined benefit pension plan to freeze benefits accruing to employees at their respective years of service and salary levels obtained as of December 31, 2009. Certain employees in the United States are also eligible for post-retirement healthcare, life insurance, and other benefits.

The Corporation accrues the present value of its obligations under employee future benefit plans and related costs, net of the present value of plan assets.

The measurement date used to determine pension and other post-retirement benefit obligations and expense is December 31 of each year. The most recent actuarial valuation of the employee future benefit plans for funding purposes was as of January 1, 2021. The next actuarial valuation of the employee future benefit plans for funding purposes is expected to be performed as of January 1, 2022.

The Corporation expects contributions of $nil to be paid to its defined benefit plans in 2022.

The following tables reconcile the opening balances to the closing balances for the net defined benefit liability and its components for the two plans. The expense recognized in profit or loss is recorded in finance income (loss) and other.

20. Employee future benefits (cont'd):


	Defined benefit obligation				Fair value of plan assets				Net defined benefit liability
Defined benefit pension plan	2021		2020		2021		2020		2021		2020
Balance at January 1	$	20,203	$	18,272	$	(16,347)	$	(13,964)	$	3,856	$	4,308
Included in profit or loss
Current service cost	37		36		—		—		37		36
Interest cost (income)	476		566		(383)		(440)		93		126
Benefits payable	—		—		—		—		—		—
	513		602		(383)		(440)		130		162
Included in other comprehensive income
Remeasurements loss (gain):
Actuarial loss (gain) arising from:
Demographic assumptions	56		(150)		—		—		56		(150)
Financial assumptions	(986)		2,054		—		—		(986)		2,054
Experience adjustment	92		110		—		—		92		110
Return on plan assets excluding interest	—		—		(1,334)		(1,733)		(1,334)		(1,733)
income
Plan expenses	(30)		(36)		30		36		—		—
	(868)		1,978		(1,304)		(1,697)		(2,172)		281
Other
Contributions paid by the employer	—		—		—		(895)		—		(895)
Benefits paid	(661)		(649)		661		649		—		—
	(661)		(649)		661		(246)		—		(895)
Balance at December 31	$	19,187	$	20,203	$	(17,373)	$	(16,347)	$	1,814	$	3,856


	Defined benefit obligation				Fair value of plan assets				Net defined benefit liability
Other post-retirement benefit plan	2021		2020		2021		2020		2021		2020
Balance at January 1	$	85	$	88	$	—	$	—	$	85	$	88
Included in profit or loss
Interest cost (income)	1		2		—		—		1		2
	1		2		—		—		1		2
Included in other comprehensive income
Remeasurements loss (gain):
Actuarial loss (gain) arising from:
Demographic assumptions	—		(5)		—		—		—		(5)
Financial assumptions	(2)		6		—		—		(2)		6
Experience adjustment	4		7		—		—		4		7
	2		8		—		—		2		8
Other
Contributions paid by the employer	—		—		(8)		(13)		(8)		(13)
Benefits paid	(8)		(13)		8		13		—		—
	(8)		(13)		—		—		(8)		(13)
Balance at December 31	$	80	$	85	$	—	$	—	$	80	$	85


Included in other comprehensive income (loss)	December 31, 2021		December 31, 2020
Defined benefit pension plan actuarial gain (loss)	$	2,172	$	(281)
Other post-retirement benefit plan actuarial loss	(2)		(8)
	$	2,170	$	(289)

20. Employee future benefits (cont'd):

Pension plan assets comprise:


	2021		2020
Cash and cash equivalents	3	%	3	%
Equity securities	60	%	61	%
Debt securities	37	%	36	%
Total	100	%	100	%

The significant actuarial assumptions adopted in measuring the fair value of benefit obligations at December 31 were as follows:


			2021				2020
	Pension plan		Other benefit plan		Pension plan		Other benefit plan
Discount rate	2.76	%	2.25	%	2.40	%	1.82	%
Rate of compensation increase	n/a		n/a		n/a		n/a

The significant actuarial assumptions adopted in determining net expense for the years ended December 31 were as follows:


			2021				2020
	Pension plan		Other benefit plan		Pension plan		Other benefit plan
Discount rate	2.40	%	2.25	%	3.16	%	1.82	%
Rate of compensation increase	n/a		n/a		n/a		n/a

Impacts of assumed health care cost trend rates applicable to the other post-retirement benefit plan at December 31, 2021 including a one-percentage-point change in assumed health care cost trend rates would not have a material impact on the Corporation’s financial statements.