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Post-employment benefit plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Employee Benefits [Abstract] |
Components of post-employment benefit plans service cost | Components of post-employment benefit plans service cost
For the year ended December 31 | 2024 | 2023
DB pension | (134) |  | (128) |
DC pension | (136) |  | (133) |
OPEBs | (1) |  | (1) |
Less: |  |
| Capitalized benefit plans cost | 63 |  | 56 |
Total post-employment benefit plans service cost | (208) |  | (206) |
Components of post-employment benefit plans financing cost | Components of post-employment benefit plans financing income
For the year ended December 31 | 2024 | 2023
DB pension | 99 |  | 149 |
OPEBs | (33) |  | (41) |
Total net return on post-employment benefit plans | 66 |  | 108 |
Defined benefit plans recognized in comprehensive income | The statements of comprehensive income include the following amounts before income taxes.
|  | 2024 | 2023
Cumulative gains recognized directly in equity, January 1 | 432 |  | 985 |
| Actuarial gains (losses) in other comprehensive income (loss)(1) | 984 |  | (835) |
| (Increase) decrease in the effect of the asset limit in other comprehensive income (loss)(2) | (188) |  | 282 |
Cumulative gains recognized directly in equity, December 31 | 1,228 |  | 432 |
(1)The cumulative actuarial gains recognized in the statements of comprehensive income are $1,848 million at December 31, 2024. (2)The cumulative increase in the effect of the asset limit recognized in the statements of comprehensive income is $620 million at December 31, 2024.
Components of post-employment benefit (obligations) assets | The following table shows the change in post-employment benefit obligations and the fair value of plan assets.
|  |  |  | DB pension plans | OPEB plans | Total
|  |  |  | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Post-employment benefit obligations, January 1 | (20,595) |  | (19,295) |  | (1,074) |  | (1,138) |  | (21,669) |  | (20,433) |
| Current service cost | (134) |  | (128) |  | (1) |  | (1) |  | (135) |  | (129) |
| Interest on obligations | (927) |  | (993) |  | (49) |  | (58) |  | (976) |  | (1,051) |
| Actuarial gains (losses)(1) | 214 |  | (1,572) |  | — |  | 51 |  | 214 |  | (1,521) |
| Benefit payments | 1,349 |  | 1,401 |  | 70 |  | 72 |  | 1,419 |  | 1,473 |
| Employee contributions | (8) |  | (8) |  | — |  | — |  | (8) |  | (8) |
| Business combinations | (33) |  | — |  | — |  | — |  | (33) |  | — |
Post-employment benefit obligations, December 31 | (20,134) |  | (20,595) |  | (1,054) |  | (1,074) |  | (21,188) |  | (21,669) |
Fair value of plan assets, January 1 | 23,768 |  | 23,355 |  | 330 |  | 327 |  | 24,098 |  | 23,682 |
| Expected return on plan assets(2) | 1,062 |  | 1,195 |  | 16 |  | 17 |  | 1,078 |  | 1,212 |
| Actuarial gains (losses)(1) | 737 |  | 692 |  | 33 |  | (6) |  | 770 |  | 686 |
| Benefit payments | (1,349) |  | (1,401) |  | (70) |  | (72) |  | (1,419) |  | (1,473) |
| Employer contributions | 48 |  | 41 |  | 61 |  | 64 |  | 109 |  | 105 |
| Employee contributions | 8 |  | 8 |  | — |  | — |  | 8 |  | 8 |
| Transfers to DC plans | (132) |  | (124) |  | — |  | — |  | (132) |  | (124) |
| Business combinations | 47 |  | — |  | — |  | — |  | 47 |  | — |
| Other |  |  | (1) |  | 2 |  | — |  | — |  | (1) |  | 2 |
Fair value of plan assets, December 31 | 24,188 |  | 23,768 |  | 370 |  | 330 |  | 24,558 |  | 24,098 |
Plan asset (deficit) |  |  | 4,054 |  | 3,173 |  | (684) |  | (744) |  | 3,370 |  | 2,429 |
Effect of asset limit |  |  | (960) |  | (719) |  | — |  | — |  | (960) |  | (719) |
Interest on effect of asset limit |  | (36) |  | (53) |  | — |  | — |  | (36) |  | (53) |
Post-employment benefit asset (liability), December 31 | 3,058 |  | 2,401 |  | (684) |  | (744) |  | 2,374 |  | 1,657 |
Post-employment benefit assets | 3,578 |  | 2,935 |  | — |  | — |  | 3,578 |  | 2,935 |
Post-employment benefit obligations | (520) |  | (534) |  | (684) |  | (744) |  | (1,204) |  | (1,278) |
(1)Actuarial gains (losses) include experience gains of $809 million in 2024 and $734 million in 2023. (2)The actual return on plan assets was $1,848 million or 8.1% in 2024 and $1,898 million or 8.8% in 2023.
Funded status of post-employment benefit plans cost | The following table shows the funded status of our post-employment benefit obligations.
| Funded | Partially funded(1) | Unfunded(2) | Total
For the year ended December 31 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Present value of post-employment benefit obligations | (19,558) |  | (20,004) |  | (1,425) |  | (1,453) |  | (205) |  | (212) |  | (21,188) |  | (21,669) |
Fair value of plan assets | 24,123 |  | 23,703 |  | 435 |  | 395 |  | — |  | — |  | 24,558 |  | 24,098 |
Plan surplus (deficit) | 4,565 |  | 3,699 |  | (990) |  | (1,058) |  | (205) |  | (212) |  | 3,370 |  | 2,429 |
Effect of asset limit | (996) |  | (772) |  | — |  | — |  | — |  | — |  | (996) |  | (772) |
Post-employment benefit asset (liability) | 3,569 |  | 2,927 |  | (990) |  | (1,058) |  | (205) |  | (212) |  | 2,374 |  | 1,657 |
(1)The partially funded plans consist of supplementary executive retirement plans (SERPs) for eligible employees and certain OPEBs. The company partially funds the SERPs through letters of credit and a retirement compensation arrangement account with Canada Revenue Agency. Certain paid-up life insurance benefits are funded through life insurance contracts. (2)Our unfunded plans consist of certain OPEBs, which are paid as claims are incurred.
Disclosure of significant assumptions | We used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans.
|  | DB pension plans and OPEB plans
For the year ended December 31 | 2024 | 2023
Post-employment benefit obligations |  |
| Discount rate | 4.7 | % | 4.6 | %
| Rate of compensation increase | 2.25 | % | 2.25 | %
| Cost of living indexation rate(1) | 1.6 | % | 1.6 | %
| Life expectancy at age 65 (years) | 23.4 |  | 23.4 |
(1)Cost of living indexation rate is only applicable to DB pension plans.
|  | DB pension plans and OPEB plans
For the year ended December 31 | 2024 | 2023
Net post-employment benefit plans cost |  |
| Discount rate | 4.7 | % | 5.3 | %
| Rate of compensation increase | 2.25 | % | 2.25 | %
| Cost of living indexation rate(1) | 1.6 | % | 1.6 | %
| Life expectancy at age 65 (years) | 23.4 |  | 23.3 |
(1) Cost of living indexation rate is only applicable to DB pension plans.
Healthcare cost trend rates and sensitivity analysis | The following table shows the effect of a 1% change in the assumed trend rates in healthcare costs.
Effect on post-employment benefits - increase/(decrease) | 1% increase | 1% decrease
Total service and interest cost | 2 |  | (3) |
Post-employment benefit obligations | 55 |  | (49) |
The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net post-employment benefit plans cost for our DB pension plans and OPEB plans.
|  |  |  | Impact on net post-employment benefit plans cost for 2024 – increase/(decrease) | Impact on post-employment benefit obligations at December 31, 2024 – increase/(decrease)
|  |  | Change in assumption | Increase in assumption | Decrease in assumption | Increase in assumption | Decrease in assumption
Discount rate | 0.5 | % | (79) |  | 72 |  | (1,102) |  | 1,208 |
Cost of living indexation rate | 0.5 | % | 53 |  | (41) |  | 987 |  | (805) |
Life expectancy at age 65 | 1 year | 36 |  | (37) |  | 720 |  | (721) |
Post-employment benefit plan assets | The following table shows the target allocations for 2024 and the allocation of our post-employment benefit plan assets at December 31, 2024 and 2023.
|  |  | Weighted average target allocation | Total plan assets fair value
Asset category | 2024 | December 31, 2024 | December 31, 2023
Equity securities | 0%-40% | 13 | % | 13 | %
Debt securities | 40%-100% | 53 | % | 55 | %
Alternative investments | 0%-50% | 34 | % | 32 | %
Total |  | 100 | % | 100 | %
The following table shows the fair value of the DB pension plan assets for each category.
For the year ended December 31 | 2024 | 2023
Observable markets data |  |
| Equity securities |  |
|  | Canadian | 862 |  | 858 |
|  | Foreign | 2,344 |  | 2,265 |
| Debt securities |  |
|  | Canadian | 11,117 |  | 10,284 |
|  | Foreign | 1,426 |  | 1,550 |
|  | Money market | 257 |  | 1,222 |
Non-observable markets inputs |  |
| Alternative investments |  |
|  | Private equities | 1,066 |  | 831 |
|  | Hedge funds | 1,301 |  | 1,268 |
|  | Real estate and infrastructure | 4,341 |  | 4,221 |
|  | Private debt | 1,451 |  | 1,237 |
|  | Other | 23 |  | 32 |
Total | 24,188 |  | 23,768 |
Disclosure of contributions to post-employment benefit plans | The following table shows the amounts we contributed to the DB and DC pension plans and the payments made to beneficiaries under OPEB plans.
|  |  | DB plans | DC plans | OPEB plans
For the year ended December 31 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Contributions/payments | (48) |  | (41) |  | (4) |  | (11) |  | (61) |  | (64) |

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