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Pensions and Other Post-Employment Benefits (Tables)
12 Months Ended
Dec. 31, 2023
Pensions And Other Post Employment Benefits [Abstract]  
Summary of Defined Benefit and OPEB Plan Obligation and Funded Status
A) Plan Obligations, Assets and Funded Status
DB Pension PlanOPEB Plans
2023202220232022
Defined Benefit Obligation
Defined Benefit Obligation, Beginning of Year172220174225
Current Service Costs1016148
Past Service Costs - Curtailment and Plan Amendments10
Interest Costs (1)
97107
Benefits Paid(8)(12)(9)(8)
Plan Participant Contributions32
Re-measurements:
(Gains) Losses From Experience Adjustments411(2)
(Gains) Losses From Changes in Financial Assumptions13(64)50(57)
Exchange Rate Movements and Other(1)2(1)1
Defined Benefit Obligation, End of Year202172249174
Plan Assets
Fair Value of Plan Assets, Beginning of Year147159
Employer Contributions181698
Plan Participant Contributions 32
Benefits Paid(7)(10)(9)(8)
Interest Income (1)
84
Re-measurements:
Return on Plan Assets (Excluding Interest Income)10(26)
Exchange Rate Movements and Other(1)2
Fair Value of Plan Assets, End of Year178147
Defined Benefit Pension and OPEB Asset (Liability) (2)
(24)(25)(249)(174)
(1)Based on the discount rate of the defined benefit obligation at the beginning of the year.
(2)Liabilities for the DB Pension Plan and OPEB plans are included in other liabilities.
Summary of Pension and OPEB Costs
B) Costs
 
DB Pension Plan and
DC Pension Plan
OPEB Plans
For the years ended December 31,2023202220232022
Defined Benefit Plan Cost
Current Service Costs1016148
Past Service Costs – Curtailments and Plan Amendments
10
Net Interest Costs13107
Re-measurements:
Return on Plan Assets (Excluding Interest Income)(10)26
(Gains) Losses From Experience Adjustments411(2)
(Gains) Losses From Changes in Demographic Assumptions
(Gains) Losses From Changes in Financial Assumptions13(64)50(57)
Defined Benefit Plan Cost (Recovery)18(18)85(44)
Defined Contribution Plan Cost (1)
9972
Total Plan Cost1175485(44)
(1)Includes defined contribution and U.S. 401(k) plans.
Summary of Fair Value of the Plan Assets
The fair value of the DB Pension Plan assets, as represented by fair value hierarchy levels are as follows:
As at December 31, 20232022
Level 1 – Cash and Cash Equivalents57
Level 2 – Equity and Fixed Income Funds161130
Level 3 – Real Estate Funds and Other1210
 178147
The DB Pension Plan does not hold any direct investment in Cenovus common shares or preferred shares.
Summary of principal weighted average actuarial assumptions used to determine benefit obligations and expenses
The principal weighted average actuarial assumptions used to determine benefit obligations are as follows:
Defined Benefit PlanOPEB Plans
For the years ended December 31, 2023202220232022
Discount Rate (percent)
4.58 5.12 4.65 5.13 
Future Salary Growth Rate (percent)
4.00 4.05 N/AN/A
Average Longevity (years)
88.488.488.488.4
Health Care Cost Trend Rate (percent)
N/AN/A5.24 5.24 
Sensitivity of defined benefit and OPEB obligation to changes in relevant actuarial assumptions
20232022
As at December 31,IncreaseDecreaseIncreaseDecrease
Discount Rate(54)66(43)51