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POST-EMPLOYMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2024
Employee Benefits [Abstract]  
Disclosure of defined benefit plans actuarial assumptions and contributions
Principal actuarial assumptions
20242023
Weighted average of significant assumptions:
 
Defined benefit obligation
Discount rate4.8 %4.6 %
Rate of compensation increase
2.0% to 7.5%, based on employee age
2.0% to 7.5%, based on employee age
Mortality rate95% of CPM2014Priv with Scale CPM-B95% of CPM2014Priv with Scale CPM-B
Pension expense
Discount rate4.6 %5.3 %
Rate of compensation increase
2.0% to 7.5%, based on employee age
1.0% to 4.5%, based on employee age
Mortality rate95% of CPM2014Priv with Scale CPM-BCPM2014Priv with Scale CPM-B
Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.
As at December 31
(In millions of dollars)20242023
Plan assets, at fair value2,385 2,339 
Accrued benefit obligations(2,197)(2,260)
Surplus of plan assets over accrued benefit obligations188 79 
Effect of asset ceiling limit(13)(3)
Net deferred pension asset175 76 
Consists of:
Deferred pension asset183 76 
Deferred pension liability(8)— 
Net deferred pension asset175 76 
Below is a summary of the actual contributions to the plans.
Years ended December 31
(In millions of dollars)20242023
Employer contribution5 19 
Employee contribution25 28 
Total contribution30 47 
Disclosure of sensitivity of key assumptions
 Increase (decrease) in accrued benefit obligation
(In millions of dollars)20242023
 
Discount rate
Impact of 0.5% increase
(174)(183)
Impact of 0.5% decrease
197 208 
 
Rate of future compensation increase
Impact of 0.25% increase
12 13 
Impact of 0.25% decrease
(12)(13)
 
Mortality rate
Impact of 1 year increase
36 38 
Impact of 1 year decrease
(40)(42)
Disclosure of net defined benefit liability (asset)
Below is a summary of our pension fund assets.
Years ended December 31
(In millions of dollars)20242023
Plan assets, beginning of year2,339 2,770 
Interest income110 134 
Remeasurements, recognized in other comprehensive income and equity
101 149 
Contributions by employees25 28 
Contributions by employer5 19 
Benefits paid(51)(89)
Impact of annuitization
(141)(737)
Impact of Shaw Transaction
— 67 
Administrative expenses paid from plan assets(3)(2)
Plan assets, end of year2,385 2,339 

Below is a summary of the accrued benefit obligations arising from funded obligations.
Years ended December 31
(In millions of dollars)20242023
Accrued benefit obligations, beginning of year2,260 2,430 
Current service cost86 76 
Interest cost102 116 
Benefits paid(51)(89)
Impact of annuitization
(140)(736)
Contributions by employees25 28 
Impact of Shaw Transaction
— 55 
Remeasurements, recognized in other comprehensive income and equity(85)380 
Accrued benefit obligations, end of year2,197 2,260 
Below is a summary of our net pension expense. Net interest cost is included in "finance costs"; other pension expenses are included in salaries and benefits expense in "operating costs" on the Consolidated Statements of Income.
Years ended December 31
(In millions of dollars)20242023
Plan cost:
Current service cost86 76 
Net interest income
(8)(18)
Net pension expense78 58 
Administrative expense3 4 
Total pension cost recognized in net income81 62 

Net interest income, a component of the plan cost above, is included in "finance costs" and is outlined as follows:
Years ended December 31
(In millions of dollars)20242023
Interest income on plan assets(110)(134)
Interest cost on plan obligation102 116 
Net interest income, recognized in finance costs
(8)(18)

The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:
Years ended December 31
(In millions of dollars)20242023
Return on plan assets (excluding interest income)101 149 
Change in financial assumptions70 (328)
Change in demographic assumptions— (8)
Effect of experience adjustments15 (44)
Change in asset ceiling(10)40 
Remeasurement gain (loss), recognized in other comprehensive income and equity176 (191)

PURCHASES OF ANNUITIES
In July 2024 and July 2023, our defined benefit pension plans purchased approximately $147 million and $737 million, respectively, of annuities from insurance companies for substantially all the retired members in the plans at those times. The aggregate premiums for the annuities were funded by selling a corresponding amount of existing assets from the plans. The purchase of the annuities relieves us of primary responsibility for, and eliminates risk associated with, the accrued benefit obligation for the retired members. The annuity purchases required a remeasurement of the pension plan assets and liabilities at the date of purchase. There was no significant impact to net income related to the annuity purchases.
SUPPLEMENTAL DEFINED BENEFIT PLAN DETAILS
We also provide supplemental unfunded defined benefit pensions to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.
Years ended December 31
(In millions of dollars)20242023
Accrued benefit obligation, beginning of year94 83 
Pension expense, recognized in employee salaries and benefits expense4 9 
Net interest cost, recognized in finance costs3 5 
Remeasurement (gain) loss, recognized in other comprehensive income
(1)6 
Benefits paid(7)(9)
Accrued benefit obligation, end of year93 94 
Disclosure of fair value of plan assets
Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.
As at December 31
(In millions of dollars)20242023
Equity securities1,406 1,371 
Debt securities929 914 
Other - cash50 54 
Total fair value of plan assets2,385 2,339 
ALLOCATION OF PLAN ASSETS
 Allocation of plan assetsTarget asset allocation percentage
20242023
Equity securities:
Domestic12.2 %12.0 %
3% to 13%
International46.7 %46.6 %
27% to 37%
Debt securities39.0 %39.1 %
45% to 75%
Other - cash2.1 %2.3 %
0% to 5%
Total100.0 %100.0 %