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Pensions and other benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Net Periodic Benefit Cost
The elements of net periodic benefit (recovery) cost for DB pension plans and other benefits recognized in the year include the following components:

 PensionsOther benefitsTotal
For the year ended December 31 (in millions of Canadian dollars)202420232022202420232022202420232022
Current service cost$84 $71 $148 $13 $10 $11 $97 $81 $159 
Other components of net periodic benefit (recovery) cost:
Interest cost on benefit obligation468 486 383 23 22 16 491 508 399 
Expected return on plan assets(891)(882)(959)— — — (891)(882)(959)
Recognized net actuarial loss (gain)40 32 153 1 13 (5)41 45 148 
Amortization of prior service costs7 2 1 — — — 7 2 1 
Total other components of net periodic benefit (recovery) cost(376)(362)(422)24 35 11 (352)(327)(411)
Net periodic benefit (recovery) cost$(292)$(291)$(274)$37 $45 $22 $(255)$(246)$(252)
Schedule of Changes in Projected Benefit Obligation
Information about the Company’s DB pension plans and other benefits, in aggregate, is as follows:

 PensionsOther benefitsTotal
(in millions of Canadian dollars)202420232024202320242023
Change in projected benefit obligation:
Projected benefit obligation as at January 1$10,306 $9,936 $463 $411 $10,769 $10,347 
Current service cost84 71 13 10 97 81 
Interest cost468 486 23 22 491 508 
Employee contributions50 48 — — 50 48 
Benefits paid(659)(656)(36)(37)(695)(693)
Foreign currency changes15 (4)(1)6 14 2 
Addition of KCS plans— — — 31 — 31 
Plan amendments and other18 18 — (1)18 17 
Net actuarial (gain) loss (116)407 (23)21 (139)428 
Projected benefit obligation as at December 31$10,166 $10,306 $439 $463 $10,605 $10,769 
Schedule of Changes in Fund Assets
 PensionsOther benefitsTotal
(in millions of Canadian dollars)202420232024202320242023
Change in plan assets:
Fair value of plan assets as at January 1$13,472 $12,862 $6 $5 $13,478 $12,867 
Actual return on plan assets1,701 1,207 1 1 1,702 1,208 
Employer contributions13 15 35 37 48 52 
Employee contributions50 48 — — 50 48 
Benefits paid(659)(656)(36)(37)(695)(693)
Foreign currency changes15 (4)— — 15 (4)
Fair value of plan assets as at December 31$14,592 $13,472 $6 $6 $14,598 $13,478 
Funded status - plan surplus (deficit)$4,426 $3,166 $(433)$(457)$3,993 $2,709 
Funded Status of Pension Plans
The table below shows the aggregate pension projected benefit obligation and aggregate fair value of plan assets for pension plans with fair value of plan assets in excess of projected benefit obligations (i.e. surplus), and for pension plans with projected benefit obligations in excess of fair value of plan assets (i.e. deficit):

 20242023
(in millions of Canadian dollars)Pension
plans in
surplus		Pension
plans in
deficit		Pension
plans in
surplus		Pension
plans in
deficit
Projected benefit obligation as at December 31$(9,725)$(441)$(9,872)$(434)
Fair value of plan assets as at December 3114,311 281 13,210 262 
Funded status$4,586 $(160)$3,338 $(172)
Pension Asset and Liabilities in the Company's Consolidated Balance Sheets
Amounts recognized in the Company’s Consolidated Balance Sheets are as follows:

 PensionsOther benefitsTotal
As at December 31 (in millions of Canadian dollars)202420232024202320242023
Pension asset$4,586 $3,338 $— $— $4,586 $3,338 
Accounts payable and accrued liabilities(10)(11)(35)(37)(45)(48)
Pension and other benefit liabilities(150)(161)(398)(420)(548)(581)
Total amount recognized$4,426 $3,166 $(433)$(457)$3,993 $2,709 
Accumulated Other Comprehensive Loss
Amounts recognized in AOCI are as follows:

 PensionsOther benefitsTotal
As at December 31 (in millions of Canadian dollars)202420232024202320242023
Net actuarial (loss) gain:
Other than deferred investment (losses) gains$(1,501)$(1,871)$52 $28 $(1,449)$(1,843)
Deferred investment gains (losses)405 (191)— — 405 (191)
Prior service cost(58)(47)(1)(1)(59)(48)
Deferred income tax377 626 (12)(7)365 619 
Total (Note 8)
$(777)$(1,483)$39 $20 $(738)$(1,463)
Actuarial Assumptions
Weighted-average actuarial assumptions used were approximately:

(percentages)202420232022
Benefit obligation as at December 31:
Discount rate4.68 4.64 5.01 
Projected future salary increases2.75 2.75 2.75 
Health care cost trend rate5.00 5.00 5.00 
Benefit cost for year ended December 31:
Discount rate4.64 5.01 3.01 
Expected rate of return on plan assets (1)
6.70 6.90 6.90 
Projected future salary increases2.75 2.75 2.75 
Health care cost trend rate5.00 5.00 5.00 
(1) The expected rate of return on plan assets that will be used to compute the 2025 net periodic benefit recovery is 6.70%.
Pension Plan Asset Allocation and Weighted-average Policy Ranges
The Company’s pension plan asset allocation, the weighted-average asset allocation targets, and the weighted-average policy range for each major asset class at year-end were as follows:

 Percentage of plan assets
 as at December 31
Asset allocation (percentages)Asset allocation targetPolicy range20242023
Cash and cash equivalents2.7 
0 - 10
2.2 2.2 
Fixed income38.2 
26 - 43
36.0 31.2 
Public equity29.6 
24 - 40
30.7 35.8 
Real estate and infrastructure14.7 
6 - 20
11.7 11.3 
Private debt7.4 
3 - 13
7.9 8.4 
Absolute return7.4 
3 - 13
11.5 11.1 
Total100.0 100.0 100.0 
Summary of the Assets of the Company's DB Pension Plans
The following is a summary of the assets of the Company’s DB pension plans as at December 31, 2024 and 2023. As at December 31, 2024 and 2023, there were no plan assets classified as Level 3 valued investments.

Assets Measured at Fair Value
Investments
measured at NAV(1)
Total Plan
Assets
(in millions of Canadian dollars)Quoted prices in
active markets
for identical assets (Level 1)		Significant other observable inputs (Level 2)
December 31, 2024
Cash and cash equivalents$324 $— $— $324 
Fixed income
Government bonds(2)
192 2,541 — 2,733 
Corporate bonds(2)
690 1,291 — 1,981 
Mortgages(3)
194 — — 194 
Mortgage-backed and asset-backed securities(4)
— 356 — 356 
Public equities
Canada482 — — 482 
U.S. and international3,997 — — 3,997 
Real estate(5)
— — 521 521 
Infrastructure(6)
— — 1,194 1,194 
Private debt(7)
— — 1,146 1,146 
Derivative instruments(8)
— (9)— (9)
Absolute return(9)
Funds of hedge funds— — 1,673 1,673 
$5,879 $4,179 $4,534 $14,592 
December 31, 2023
Cash and cash equivalents$297 $— $— $297 
Fixed income
Government bonds(2)
211 1,900 — 2,111 
Corporate bonds(2)
644 998 — 1,642 
Mortgages(3)
206 — — 206 
Mortgage-backed and asset-backed securities(4)
— 123 — 123 
Public equities
Canada534 — — 534 
U.S. and international4,293 — — 4,293 
Real estate(5)
— — 563 563 
Infrastructure(6)
— — 961 961 
Private debt(7)
— — 1,128 1,128 
Derivative instruments(8)
— 116 — 116 
Absolute return(9)
Funds of hedge funds— — 1,498 1,498 
$6,185 $3,137 $4,150 $13,472 
(1) Investments measured at net asset value ("NAV"):
Amounts are comprised of certain investments measured using NAV (or its equivalent) as a practical expedient. These investments have not been classified in the fair value hierarchy.
(2) Government & Corporate Bonds:
Fair values for bonds are based on market prices supplied by independent sources as of the last trading day.
(3) Mortgages:
The fair values of mortgages are based on current market yields of financial instruments of similar maturity, coupon and risk factors.
(4) Mortgage-backed and asset-backed securities:
The fair values of mortgage-backed and asset-backed securities are determined based on valuations from pricing sources that incorporate broker-dealer quotations, reported trades or valuation estimates from their internal pricing models which consider tranche-level attributes, current market data, estimated cash flows, and market-based yield spreads and incorporate deal collateral performance, as available.
(5) Real estate:
Real estate fund values are based on the NAV of the funds that invest directly in real estate investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $435 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2023 - $480 million). The remaining $86 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying real estate investments (2023 - $83 million). As at December 31, 2024, there are $309 million of unfunded commitments for real estate investments (December 31, 2023 - $166 million).
(6) Infrastructure:
Infrastructure fund values are based on the NAV of the funds that invest directly in infrastructure investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $606 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2023 - $493 million). The remaining $588 million is not subject to redemption and is normally returned through distributions as a result of the liquidation of the underlying infrastructure investments (2023 - $468 million). As at December 31, 2024, there are $205 million of unfunded commitments for infrastructure investments (December 31, 2023 - $220 million).
(7) Private debt:
Private debt fund values are based on the NAV of the funds that invest directly in private debt investments. The values of the investments have been estimated using the capital accounts representing the plans' ownership interest in the funds. Of the total, $115 million is subject to redemption frequencies ranging from monthly to annually and a redemption notice period of 90 days (2023 - $124 million). The remaining $1,031 million is not subject to redemption and is normally returned through distributions as a result of the repayment of the underlying loans (2023 - $1,004 million). As at December 31, 2024, there are $764 million of unfunded commitments for private debt investments (December 31, 2023 - $540 million).
(8) Derivative Instruments:
The investment managers may utilize the following derivative instruments: equity futures to replicate equity index returns (Level 2); currency forwards to partially hedge foreign currency exposures (Level 2); bond futures and forwards to manage duration and interest rate risk (Level 2); interest rate swaps to manage duration and interest rate risk (Level 2); credit default swaps to manage credit risk (Level 2); and options to manage interest rate risk and volatility (Level 2). The Company may utilize derivatives directly, but only for the purpose of hedging foreign currency exposures. One of the fixed income investment managers utilizes a portfolio of bond forwards for the purpose of reducing asset/liability interest rate exposure. As at December 31, 2024, there are bond forwards with a notional value of $555 million (December 31, 2023 - $1,396 million) and a fair value of $2 million (December 31, 2023 - $116 million).
(9) Absolute return:
The value of absolute return fund investments is based on the NAV reported by the fund administrators. The funds have different redemption policies with redemption notice periods varying from 30 to 120 days and frequencies ranging from monthly to triennially.
Estimated Future Benefit Payments
The estimated future DB pension and other benefit payments to be paid by the plans for each of the next five years and the subsequent five-year period are as follows:

(in millions of Canadian dollars)PensionsOther benefits
2025$674 $35 
2026665 33 
2027664 32 
2028666 36 
2029658 31 
2030-20343,266 151