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Employee Compensation - Pension and Other Employee Future Benefits (Tables) | 12 Months Ended
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Oct. 31, 2025
Text Block [Abstract] |
Summary of Plan Information for Past Two Years | A summary of plan information for the past two years is as follows:
(Canadian $ in millions) |  | Pension plans |  |  | Other employee future benefit plans |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Defined benefit obligation |  | $ | 8,582 |  |  | $ | 8,365 |  |  | $ | 950 |  |  | $ | 954 |
Fair value of plan assets |  |  | 9,708 |  |  |  | 9,431 |  |  |  | 248 |  |  |  | 245 |
Net surplus (deficit) |  |  | 1,126 |  |  |  | 1,066 |  |  |  | (702 | ) |  |  | (709 | )
Effect of asset ceiling |  |  | – |  |  |  | (3 | ) |  |  | (74 | ) |  |  | (110 | )
Net surplus (deficit), net of the effect of the asset ceiling |  | $ | 1,126 |  |  | $ | 1,063 |  |  | $ | (776 | ) |  | $ | (819 | )
Net surplus (deficit) comprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Funded or partially funded plans |  |  | 1,271 |  |  |  | 1,223 |  |  |  | 87 |  |  |  | 44 |
Unfunded plans |  |  | (145 | ) |  |  | (160 | ) |  |  | (863 | ) |  |  | (863 | )
Net surplus (deficit), net of the effect of the asset ceiling |  | $ | 1,126 |  |  | $ | 1,063 |  |  | $ | (776 | ) |  | $ | (819 | )
Summary of Pension and Other Employee Future Benefit Expenses | Pension and other employee future benefit expenses are determined as follows:
(Canadian $ in millions) |  | Pension plans |  |  | Other employee future benefit plans |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Annual benefits expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current service cost |  | $ | 177 |  |  | $ | 153 |  |  | $ | 6 |  |  | $ | 5 |
Net interest (income) expense (1) |  |  | (51 | ) |  |  | (61 | ) |  |  | 38 |  |  |  | 40 |
Impact of plan amendments |  |  | (19 | ) |  |  | – |  |  |  | – |  |  |  | (84 | )
Administrative expenses |  |  | 8 |  |  |  | 11 |  |  |  | – |  |  |  | – |
Remeasurement of other long-term benefits |  |  | – |  |  |  | – |  |  |  | 24 |  |  |  | 5 |
Benefits expense |  | $ | 115 |  |  | $ | 103 |  |  | $ | 68 |  |  | $ | (34 | )
Government pension plans expense (2) |  |  | 388 |  |  |  | 375 |  |  |  | – |  |  |  | – |
Defined contribution expense |  |  | 306 |  |  |  | 290 |  |  |  | – |  |  |  | – |
Total annual pension and other employee future benefit expenses (recovery) recognized in our Consolidated Statement of Income |  | $ | 809 |  |  | $ | 768 |  |  | $ | 68 |  |  | $ | (34 | )
| (1) | Net interest (income) expense is increased by $nil million for pension plans and $6 million for other employee future benefit plans for 2025 ($nil million and $3 million, respectively, for 2024) as a result of assets written down through other comprehensive income due to the asset ceiling.
| (2) | Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contributions Act .
Summary of Weighted-average Assumptions Used to Determine Benefit Expenses | Weighted-Average Assumptions
|  | Pension plans |  |  | Other employee future benefit plans |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Defined Benefit Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate at beginning of year (1) (2) |  |  | 4.9% |  |  |  | 5.8% |  |  |  | 4.8% |  |  |  | 5.7% |
Rate of compensation increase |  |  | 2.1% |  |  |  | 2.1% |  |  |  | na |  |  |  | na |
Assumed overall health care cost trend rate |  |  | na |  |  |  | na |  |  |  | 4.8% | (3) |  |  | 4.8% | (3)
Defined Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate at end of year |  |  | 4.8% |  |  |  | 4.9% |  |  |  | 4.7% |  |  |  | 4.8% |
Rate of compensation increase |  |  | 2.1% |  |  |  | 2.1% |  |  |  | na |  |  |  | na |
Assumed overall health care cost trend rate |  |  | na |  |  |  | na |  |  |  | 4.7% | (3) |  |  | 4.8% | (3)
| (1) | The pension benefit current service cost was calculated using a separate discount rate of 4.9% and 5.6% for 2025 and 2024, respectively.
| (2) | The other employee future benefit plans current service cost was calculated using a separate discount rate of 5.0% and 5.7% for 2025 and 2024, respectively.
| (3) | Trending to 4.0% in 2 041 and remaining at that level thereafter.
na – not applicable
Summary of Current Life Expectancies Underlying the Amounts of the Defined Benefit Obligations | Assumptions regarding future mortality are based on published statistics and mortality tables calibrated to plan experience, when applicable. The current life expectancies underlying the amounts of the defined benefit obligations for our primary plans are as follows:
(Years) |  | Canada |  |  | United States |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Life expectancy for those currently age 65 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Males |  |  | 23.6 |  |  |  | 24.0 |  |  |  | 22.0 |  |  |  | 22.0 |
Females |  |  | 24.7 |  |  |  | 24.3 |  |  |  | 23.4 |  |  |  | 23.3 |
Life expectancy at age 65 for those currently age 45 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Males |  |  | 24.5 |  |  |  | 24.9 |  |  |  | 23.2 |  |  |  | 23.2 |
Females |  |  | 25.6 |  |  |  | 25.2 |  |  |  | 24.6 |  |  |  | 24.5 |
Summary of Changes in Estimated Financial Positions of Defined Benefit Pension Plans and Other Employee Future Benefit Plans | Changes in the estimated financial positions of our defined benefit pension plans and other employee future benefit plans are as follows:
(Canadian $ in millions, except as noted) |  | Pension plans |  |  | Other employee future benefit plans |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Defined benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Defined benefit obligation at beginning of year |  | $ | 8,365 |  |  | $ | 7,513 |  |  | $ | 954 |  |  | $ | 880 |
Transfer of defined benefit obligation |  |  | 3 |  |  |  | – |  |  |  | (3 | ) |  |  | – |
Settlements (1) |  |  | – |  |  |  | (147 | ) |  |  | – |  |  |  | – |
Current service cost |  |  | 177 |  |  |  | 153 |  |  |  | 6 |  |  |  | 5 |
Interest cost |  |  | 399 |  |  |  | 418 |  |  |  | 45 |  |  |  | 49 |
Impact of plan amendments |  |  | (19 | ) |  |  | – |  |  |  | – |  |  |  | 15 |
Benefits paid |  |  | (500 | ) |  |  | (481 | ) |  |  | (62 | ) |  |  | (59 | )
Employee contributions |  |  | 21 |  |  |  | 20 |  |  |  | 6 |  |  |  | 6 |
Actuarial (gains) losses due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in demographic assumptions |  |  | 6 |  |  |  | – |  |  |  | (22 | ) |  |  | (12 | )
Changes in financial assumptions |  |  | 45 |  |  |  | 851 |  |  |  | (2 | ) |  |  | 81 |
Plan member experience |  |  | 71 |  |  |  | 31 |  |  |  | 27 |  |  |  | (11 | )
Foreign exchange and other |  |  | 14 |  |  |  | 7 |  |  |  | 1 |  |  |  | – |
Defined benefit obligation at end of year |  |  | 8,582 |  |  |  | 8,365 |  |  |  | 950 |  |  |  | 954 |
Wholly or partially funded defined benefit obligation |  |  | 8,437 |  |  |  | 8,205 |  |  |  | 87 |  |  |  | 91 |
Unfunded defined benefit obligation |  |  | 145 |  |  |  | 160 |  |  |  | 863 |  |  |  | 863 |
Total defined benefit obligation |  |  | 8,582 |  |  |  | 8,365 |  |  |  | 950 |  |  |  | 954 |
Fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 9,431 |  |  |  | 8,559 |  |  |  | 245 |  |  |  | 138 |
Settlements (1) |  |  | – |  |  |  | (147 | ) |  |  | – |  |  |  | – |
Impact of plan amendments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 100 |
Interest income |  |  | 450 |  |  |  | 479 |  |  |  | 13 |  |  |  | 12 |
Return on plan assets (excluding interest income) |  |  | 246 |  |  |  | 979 |  |  |  | 1 |  |  |  | 1 |
Employer contributions |  |  | 55 |  |  |  | 25 |  |  |  | 43 |  |  |  | 45 |
Employee contributions |  |  | 21 |  |  |  | 20 |  |  |  | 6 |  |  |  | 6 |
Benefits paid |  |  | (500 | ) |  |  | (481 | ) |  |  | (62 | ) |  |  | (59 | )
Administrative expenses |  |  | (8 | ) |  |  | (12 | ) |  |  | – |  |  |  | – |
Foreign exchange and other |  |  | 13 |  |  |  | 9 |  |  |  | 2 |  |  |  | 2 |
Fair value of plan assets at end of year |  |  | 9,708 |  |  |  | 9,431 |  |  |  | 248 |  |  |  | 245 |
Effect of asset ceiling |  |  | – |  |  |  | (3 | ) |  |  | (74 | ) |  |  | (110 | )
Net surplus (deficit), net of the effect of the asset ceiling |  | $ | 1,126 |  |  | $ | 1,063 |  |  | $ | (776 | ) |  | $ | (819 | )
Recorded in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | 1,316 |  |  |  | 1,252 |  |  |  | 87 |  |  |  | 44 |
Other liabilities |  |  | (190 | ) |  |  | (189 | ) |  |  | (863 | ) |  |  | (863 | )
Net surplus (deficit), net of the effect of the asset ceiling |  | $ | 1,126 |  |  | $ | 1,063 |  |  | $ | (776 | ) |  | $ | (819 | )
Actuarial gains (losses) recognized in other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gains (losses) on plan assets |  |  | 246 |  |  |  | 979 |  |  |  | 1 |  |  |  | 1 |
Effect of asset ceiling |  |  | 3 |  |  |  | (3 | ) |  |  | 43 |  |  |  | (107 | )
Actuarial gains (losses) on defined benefit obligation due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in demographic assumptions |  |  | (6 | ) |  |  | – |  |  |  | 22 |  |  |  | 15 |
Changes in financial assumptions |  |  | (45 | ) |  |  | (851 | ) |  |  | 3 |  |  |  | (74 | )
Plan member experience |  |  | (71 | ) |  |  | (31 | ) |  |  | (5 | ) |  |  | 6 |
Foreign exchange and other |  |  | (1 | ) |  |  | (3 | ) |  |  | – |  |  |  | – |
Actuarial gains (losses) recognized in other comprehensive income for the year |  | $ | 126 |  |  | $ | 91 |  |  | $ | 64 |  |  | $ | (159 | )
| (1) | We completed a buyout of our UK pension plan in the fourth quarter of 2024, whereby we transferred our defined benefit obligations and an equal amount of plan assets to a third-party insurer, who has assumed responsibility for administering payments to plan members. We do not have any further involvement in the plan. There was no pre-tax impact from this transfer. Deferred tax assets and liabilities related to the pension plan were reduced to $nil.
Summary Of Asset Allocation Ranges, Weighted-Average Actual Asset Allocations And Fair Values Of Plan Assets | Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. The asset allocation ranges, weighted-average actual asset allocations and fair values of plan assets held by our primary plans as at October 31, 2025 and 2024 are as follows:
(Canadian $ in millions) |  | 2025 |  |  | 2024 |
|  | Target range |  |  | % of total |  |  | Quoted |  |  | Unquoted |  |  | Total |  |  | Target range |  |  | % of total |  |  | Quoted |  |  | Unquoted |  |  | Total |
Equities |  |  | 15 – 40% |  |  |  | 21% |  |  | $ | 1,139 |  |  | $ | 869 |  |  | $ | 2,008 |  |  |  | 15 – 40% |  |  |  | 22% |  |  | $ | 1,060 |  |  | $ | 852 |  |  | $ | 1,912 |
Fixed income investments |  |  | 40 – 55% |  |  |  | 49% |  |  |  | 106 |  |  |  | 4,551 |  |  |  | 4,657 |  |  |  | 40 – 55% |  |  |  | 49% |  |  |  | 96 |  |  |  | 4,467 |  |  |  | 4,563 |
Private investments |  |  | 10 – 35% |  |  |  | 30% |  |  |  | – |  |  |  | 2,791 |  |  |  | 2,791 |  |  |  | 10 – 35% |  |  |  | 29% |  |  |  | – |  |  |  | 2,681 |  |  |  | 2,681 |
|  |  |  |  |  |  | 100% |  |  | $ | 1,245 |  |  | $ | 8,211 |  |  | $ | 9,456 |  |  |  |  |  |  |  | 100% |  |  | $ | 1,156 |  |  | $ | 8,000 |  |  | $ | 9,156 |
Summary of Changes in Number of Key Assumption |
(Canadian $ in millions, except as noted) |  | Defined benefit obligation |
|  | Pension plans |  |  | Other employee future benefit plans |
Discount rate (%) |  |  | 4.8 |  |  |  | 4.7 |
Impact of: 1% increase ($) |  |  | (867 | ) |  |  | (70 | )
1% decrease ($) |  |  | 1,073 |  |  |  | 83 |
Rate of compensation increase (%) |  |  | 2.1 |  |  |  | na |
Impact of: 0.25% increase ($) |  |  | 36 |  |  |  | na |
0.25% decrease ($) |  |  | (35 | ) |  |  | na |
Mortality |  |  |  |  |  |  |  |
Impact of: 1 year shorter life expectancy ($) |  |  | (165 | ) |  |  | (19 | )
1 year longer life expectancy ($) |  |  | 161 |  |  |  | 19 |
Assumed overall health care cost trend rate (%) |  |  | na |  |  |  | 4.7 | (1)
Impact of: 1% increase ($) |  |  | na |  |  |  | 30 |
1% decrease ($) |  |  | na |  |  |  | (28 | )
| (1) | Trending to 4.0% in 2041 and remaining at that level thereafter.
na – not applicable
Summary of Duration of Defined Benefit Obligation | The duration of the defined benefit obligation for our primary plans is as follows:
(Years) |  | 2025 |  |  | 2024 |
Canadian pension plans |  |  | 13.1 |  |  |  | 13.0 |
U.S. pension plans |  |  | 7.3 |  |  |  | 7.5 |
Canadian other employee future benefit plans |  |  | 11.4 |  |  |  | 11.7 |
Summary of Cash Payments in Connection with Employee Future Benefit Plans | Cash payments we made during the year in connection with our employee future benefit plans are as follows:
(Canadian $ in millions) |  | Pension plans |  |  | Other employee future benefit plans |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net contributions (refund) |  | $ | 4 |  |  | $ | (25 | ) |  | $ | – |  |  | $ | – |
Contributions to defined contribution plans |  |  | 306 |  |  |  | 290 |  |  |  | – |  |  |  | – |
Benefits paid directly to pensioners |  |  | 51 |  |  |  | 50 |  |  |  | 47 |  |  |  | 45 |
|  | $ | 361 |  |  | $ | 315 |  |  | $ | 47 |  |  | $ | 45 |
Our best estimate of the contributions and benefits paid directly to pensioners we expect to make for the year ending October 31, 2026 is approximately $41 million for our defined benefit pension plans and $23 million for our other employee future benefit plans. Benefit payments from our defined benefit and other employee future benefit plans to retirees for the year ending October 31, 2026 are estimated to be $605 million.

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