2023 Consolidated Financial Statements and Notes
AIR CANADA
2023 Consolidated Financial Statements and Notes
The following table presents financial information related to the changes in the pension and other post-employment
benefits plans:
Pension Benefits
Other Employee Future Benefits
2023
2022
2023
2022
(Canadian dollars in millions)
Change in benefit obligations
Benefit obligations at beginning of year
$
16,927
$
22,051
$
1,007
$
1,463
Current service cost
162
242
32
41
Past service cost
Interest cost
12
879
750
53
45
Employees' contributions
73
71
Benefits paid
(1,038)
(1,045)
6.
Remeasurements:
Experience loss (gain)
Loss (gain) from change in demographic
assumptions
Loss (gain) from change in financial
assumptions
Foreign exchange loss (gain)
Total benefit obligations
(46)
(50)
5
10
10
(19)
(136)
(5)
1,297
(5,149)
76
(368)
4
(10)
(3)
12
18,309
16,927
1,098
1,007
Change in plan assets
Fair value of plan assets at beginning of year
21,378
26,666
Return on plan assets, excluding amounts
included in Net financing expense
373
(5,284)
Interest income
1,105
923
Employer contributions
61
70
46
50
Employees' contributions
73
71
Benefits paid
(1,038)
(1,045)
(46)
(50)
Administrative expenses paid from plan assets
(8)
(9)
Foreign exchange gain (loss)
5
(14)
Total plan assets
21,949
21,378
(Surplus) deficit at end of year
(3,640)
(4,451)
1,098
1,007
Asset ceiling / additional minimum funding liability
1,894
2,832
Net benefit obligations (assets)
$
(1,746) $
(1,619) $
1,098
$
1,007
The actual return on plan assets was a gain of $1,478 million (2022 - $4,361 million loss).
Plan assets include an annuity contract for the UK plan defined benefit pension obligation.
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