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Post-employment benefits
 6 Months Ended
Apr. 30, 2025
Text Block [Abstract]  
Post-employment benefits
Note 10. Post-employment benefits
The following tables provide details on the post-employment benefit expense recognized in the interim consolidated statement of income and on the remeasurements recognized in the interim consolidated statement of comprehensive income:
Defined benefit plan expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three
months ended
 
 
 
 
 
For the six
months ended
 
$ millions
 
2025
Apr. 30
 
 
2025
Jan. 31
 
 
2024
Apr. 30
 
 
2025
Apr. 30
 
 
2025
Jan. 31
 
 
2024
Apr. 30
 
 
 
 
 
2025
Apr. 30
 
 
2024
Apr. 30
 
 
2025
Apr. 30
 
 
2024
Apr. 30
 
  
 
  
 
 
Pension plans
 
 
Other
post-employment plans
 
 
 
 
 
Pension plans
 
 
Other
post-employment plans
 
Current service cost
  
$
57
 
   $ 57     $ 47    
$
1
 
   $ 1     $ 1      
$
114
 
   $ 95    
$
2
 
   $ 2  
Net interest (income) expense
  
 
(20
)
     (20 )      (15 )   
 
5
 
     5       6      
 
(40
)
     (31 )   
 
10
 
     12  
Interest expense on effect of asset ceiling
  
 
1
 
     1       –    
 
–
 
     –       –      
 
2
 
     –    
 
–
 
     –  
Plan administration costs
  
 
2
 
     2       2    
 
–
 
     –       –      
 
4
 
     4    
 
–
 
     –  
Net defined benefit plan expense recognized in net income
  
$
   40
 
   $    40     $    34    
$
  6
 
   $   6     $   7      
$
   80
 
   $    68    
$
  12
 
   $   14  
Defined contribution plan expense
    For the three
months ended		         For the six
months ended		  
$ millions  
2025
Apr. 30
     2025
Jan. 31		     2024
Apr. 30		        
2025
Apr. 30
     2024
Apr. 30		  
Defined contribution pension plans
  
$
23
 
   $ 20     $ 16      
$
43
 
   $ 38  
Government pension plans
(1)
  
 
58
 
     56       52      
 
114
 
     95  
Total defined contribution plan expense
  
$
  81
 
   $   76     $   68      
$
  157
 
   $   133  
(1)
Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act.
Remeasurement of employee defined benefit plans
(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the three
months ended
 
 
 
 
 
For the six
months ended
 
$ millions
 
2025
Apr. 30
 
 
2025
Jan. 31
 
 
2024
Apr. 30
 (2)
 
 
2025
Apr. 30
 
 
2025
Jan. 31
 
 
2024
Apr. 30
 
 
 
2025
Apr. 30
 
 
2024
Apr. 30
 (2)
 
 
2025
Apr. 30
 
 
2024
Apr. 30
 
  
 
  
 
 
Pension plans
 
 
Other
post-employment plans
 
 
 
Pension plans
 
 
Other
post-employment plans
 
Net actuarial gains (losses) on defined benefit obligations
  
$
   260
 
   $   (166 )   $    267    
$
8
 
   $ (7 )    $ 12  

 
$
    94
 
   $   (432 )   
$
  1
 
   $ (23 ) 
Net actuarial gains (losses) on plan assets
  
 
(334
)
     199       (262 )   
 
–
 
     –       –  

 
 
(135
)
     364    
 
–
 
     –  
Changes in asset ceiling excluding interest income
  
 
–
 
     1       1    
 
–
 
     –       –  

 
 
1
 
     –    
 
–
 
     –  
Net remeasurement gains (losses) recognized in OCI
  
$
(74
)
   $ 34     $ 6    
$
  8
 
   $   (7 )    $   12  

 
$
(40
)
   $ (68 )   
$
1
 
   $   (23 ) 
(1)
The Canadian post-employment defined benefit plans are remeasured on a quarterly basis for changes in the discount rate and for actual asset returns. All other Canadian plans’ actuarial assumptions and foreign plans’ actuarial assumptions are updated at least annually.
(2)
Includes the transfer of the accumulated actuarial losses of $5 million to retained earnings upon the settlement of a pension plan for one of our subsidiaries.