v3.22.4
Employee future benefits
 12 Months Ended
Dec. 31, 2022
Employee Benefits [Abstract]  
Employee future benefits Employee future benefits:
December 31, 2022December 31, 2021
Net defined benefit pension plan liability$348 $1,814 
Net other post-retirement benefit plan liability107 80 
Employee future benefits$455 $1,894 
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.
20.     Employee future benefits (cont'd):
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, 2022. The next actuarial valuation of the employee future benefit plans for funding purposes is expected to be performed as of January 1, 2023.
The Corporation expects contributions of $nil to be paid to its defined benefit plans in 2023.
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 loss and other (note 26).
Defined benefit obligationFair value of plan assetsNet defined benefit liability
Defined benefit pension plan202220212022202120222021
Balance at January 1$19,187 $20,203 $(17,373)$(16,347)$1,814 $3,856 
Included in profit or loss
Current service cost30 37 — — 30 37 
Interest cost (income)518 476 (468)(383)50 93 
Benefits payable— — — — — — 
548 513 (468)(383)80 130 
Included in other comprehensive income
Remeasurements loss (gain):
Actuarial loss (gain) arising from:
Demographic assumptions— 56 — — — 56 
Financial assumptions(4,547)(986)— — (4,547)(986)
Experience adjustment(91)92 — — (91)92 
Return on plan assets excluding interest— — 3,092 (1,334)3,092 (1,334)
income
Plan expenses(24)(30)24 30 — — 
(4,662)(868)3,116 (1,304)(1,546)(2,172)
Other
Contributions paid by the employer— — — — — — 
Benefits paid(671)(661)671 661 — — 
(671)(661)671 661 — — 
Balance at December 31$14,402 $19,187 $(14,054)$(17,373)$348 $1,814 
20.     Employee future benefits (cont'd):
Defined benefit obligationFair value of plan assetsNet defined benefit liability
Other post-retirement benefit plan202220212022202120222021
Balance at January 1$80 $85 $— $— $80 $85 
Included in profit or loss
Interest cost (income)2 1 — — 2 1 
2 1 — — 2 1 
Included in other comprehensive income
Remeasurements loss (gain):
Actuarial loss (gain) arising from:
Demographic assumptions— — — — — — 
Financial assumptions(23)(2)— — (23)(2)
Experience adjustment55 4 — — 55 4 
32 2 — — 32 2 
Other
Contributions paid by the employer— — (7)(8)(7)(8)
Benefits paid(7)(8)7 8 — — 
(7)(8)— — (7)(8)
Balance at December 31$107 $80 $— $— $107 $80 
Included in other comprehensive income (loss)December 31, 2022December 31, 2021
Defined benefit pension plan actuarial gain$1,546 $2,172 
Other post-retirement benefit plan actuarial loss(32)(2)
$1,514 $2,170 
Pension plan assets comprise:
20222021
Cash and cash equivalents3 %3 %
Equity securities60 %60 %
Debt securities37 %37 %
Total100 %100 %
The significant actuarial assumptions adopted in measuring the fair value of benefit obligations at December 31 were as follows:
20222021
Pension planOther benefit planPension planOther benefit plan
Discount rate5.00 %4.89 %2.76 %2.25 %
Rate of compensation increasen/an/an/an/a
The significant actuarial assumptions adopted in determining net expense for the years ended December 31 were as follows:
20222021
Pension planOther benefit planPension planOther benefit plan
Discount rate2.76 %4.89 %2.40 %2.25 %
Rate of compensation increasen/an/an/an/a
20.     Employee future benefits (cont'd):
Impacts of assumed health care cost trend rates applicable to the other post-retirement benefit plan at December 31, 2022 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.