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Retirement benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Employee Benefits [Abstract]  
Status of the defined benefit pension plans and other retirement benefits plans
The status of the defined benefit pension plans and other retirement benefit plans, in aggregate, is as follows:
Defined benefit
pension plans		Other retirement
benefit plans
2024202320242023
Accrued benefit obligations
Benefit obligations - opening
$791 $838 $17 $18 
CPP agreement (note 3)
10 — 3 — 
Transfer to disposal groups held for sale (note 6)— (77)— (2)
Service cost
41 37 — — 
Finance cost on obligation
36 42 1 1 
Benefits paid
(34)(42)(1)(1)
Actuarial (gain) loss due to change in financial assumptions(12)63 — 1 
Actuarial loss due to demography/experience4 31 — — 
Settlement
(101)(120)— — 
Other(3)— 1 — 
Foreign exchange1
(55)17 (2)— 
Benefit obligations - ending
$678 $791 $19 $17 
Plan assets
Plan assets - opening
$786 $927 $— $— 
CPP agreement (note 3)
11 — — — 
Transfer to disposal groups held for sale (note 6)— (79)— — 
Finance income on plan assets
35 46 — — 
Actual return on plan assets, net of finance income
5 32 — — 
Employer contributions
21 14 1 1 
Benefits paid
(34)(42)(1)(1)
Settlement
(102)(115)— — 
Other
(1)(2)— — 
Refund of excess contributions(3)(15)— — 
Foreign exchange1
(55)20 — — 
Plan assets - ending
$664 $786 $— $— 

Funded status2
Retirement assets$65 $84 $— $— 
Impact of minimum funding requirement3
(3)(1)— — 
Retirement assets (note 10)
61 83 — — 
Retirement liabilities (note 12)
(78)(89)(19)(17)
$(17)$(6)$(19)$(17)
1.Foreign currency translation relates to the foreign exchange impact of translating assets and liabilities of certain plans to U.S. dollars.
2.Plans in a surplus position are presented as assets and plans in a deficit position are presented as liabilities on our consolidated balance sheets.
3.Certain of our plans have a surplus that is not recognized on the basis that future economic benefits may not be available to us in the form of a reduction in future contributions or a cash refund.
Defined benefit plans expense
Defined benefit
pension plans		Other retirement
benefit plans
2024202320242023
Expense
Service cost$41 $37 $— $— 
Administration fees2 4 — — 
Settlement loss (gain)1 (6)— — 
Curtailment gain related to disposal of pulp mills(2)— — — 
Finance expense (income), net1 (3)1 1 
$43 $32 $1 $1 
Projected future benefit payments At December 31, 2024, the projected future benefit payments for the defined benefit pension plans, to be made from plan assets, are as follows:
202520262027 to 2029ThereafterTotal
Defined benefit pension plans$24$26$93$1,531$1,674
Actuarial assumptions
The significant actuarial assumptions used to determine our balance sheet date retirement assets and liabilities and our retirement benefit plan expenses are as follows:
Defined benefit
pension plans		Other retirement
benefit plans
2024202320242023
Benefit obligations:
Discount rate
4.83%4.69%4.78%4.69%
Future compensation rate increase
3.66%3.62%n/an/a
Benefit expense:
Discount rate - beginning of year4.69%5.17%4.69%5.10%
Future compensation rate increase3.62%3.53%n/an/a
Impact of change in assumptions on post-retirement obligations
The impact of a change in these assumptions on our retirement obligations as at December 31, 2024 is as follows:
IncreaseDecrease
Discount rate - 0.50% change
$(56)$65 
Compensation rate - 0.50% change
$13 $(12)
Assets allocations The weighted average asset allocations of the defined benefit plans at December 31, by asset category, are as follows:
Target range20242023
Canadian equities
2% - 15%
5 %6 %
Global equities
10% - 44%
16 %18 %
Fixed income investments
30% - 75%
49 %43 %
Alternative investments
0% - 57%
25 %27 %
Cash and cash equivalents
N/A
5 %6 %
100 %100 %