XML 81 R64.htm IDEA: XBRL DOCUMENT
v3.25.0.1

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
| 2024 | 2023
Weighted average of significant assumptions: |  |
Defined benefit obligation |  |
Discount rate | 4.8 | % | 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 rate | 95% of CPM2014Priv with Scale CPM-B | 95% of CPM2014Priv with Scale CPM-B
Pension expense |  |
Discount rate | 4.6 | % | 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 rate | 95% of CPM2014Priv with Scale CPM-B | CPM2014Priv 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) |  | 2024 | 2023
Plan assets, at fair value |  | 2,385 |  | 2,339 |
Accrued benefit obligations |  | (2,197) |  | (2,260) |
Surplus of plan assets over accrued benefit obligations |  | 188 |  | 79 |
Effect of asset ceiling limit |  | (13) |  | (3) |
Net deferred pension asset |  | 175 |  | 76 |
Consists of: |  |  |
Deferred pension asset |  | 183 |  | 76 |
Deferred pension liability |  | (8) |  | — |
Net deferred pension asset |  | 175 |  | 76 |
Below is a summary of the actual contributions to the plans.
| Years ended December 31
(In millions of dollars) | 2024 | 2023
Employer contribution | 5 |  | 19 |
Employee contribution | 25 |  | 28 |
Total contribution | 30 |  | 47 |
Disclosure of sensitivity of key assumptions |
| Increase (decrease) in accrued benefit obligation |
(In millions of dollars) | 2024 | 2023 |  |
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) | 2024 | 2023
Plan assets, beginning of year | 2,339 |  | 2,770 |
Interest income | 110 |  | 134 |
Remeasurements, recognized in other comprehensive income and equity | 101 |  | 149 |
Contributions by employees | 25 |  | 28 |
Contributions by employer | 5 |  | 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 year | 2,385 |  | 2,339 |
Below is a summary of the accrued benefit obligations arising from funded obligations.
| Years ended December 31 |
(In millions of dollars) | 2024 | 2023 |
Accrued benefit obligations, beginning of year | 2,260 |  | 2,430 |  |
Current service cost | 86 |  | 76 |  |
Interest cost | 102 |  | 116 |  |
Benefits paid | (51) |  | (89) |  |
Impact of annuitization | (140) |  | (736) |  |
Contributions by employees | 25 |  | 28 |  |
Impact of Shaw Transaction | — |  | 55 |  |
Remeasurements, recognized in other comprehensive income and equity | (85) |  | 380 |  |
Accrued benefit obligations, end of year | 2,197 |  | 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) | 2024 | 2023
Plan cost: |  |
Current service cost | 86 |  | 76 |
Net interest income | (8) |  | (18) |
Net pension expense | 78 |  | 58 |
Administrative expense | 3 |  | 4 |
Total pension cost recognized in net income | 81 |  | 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) | 2024 | 2023
Interest income on plan assets | (110) |  | (134) |
Interest cost on plan obligation | 102 |  | 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) | 2024 | 2023
Return on plan assets (excluding interest income) | 101 |  | 149 |
Change in financial assumptions | 70 |  | (328) |
Change in demographic assumptions | — |  | (8) |
Effect of experience adjustments | 15 |  | (44) |
Change in asset ceiling | (10) |  | 40 |
Remeasurement gain (loss), recognized in other comprehensive income and equity | 176 |  | (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) | 2024 | 2023
Accrued benefit obligation, beginning of year | 94 |  | 83 |
Pension expense, recognized in employee salaries and benefits expense | 4 |  | 9 |
Net interest cost, recognized in finance costs | 3 |  | 5 |
Remeasurement (gain) loss, recognized in other comprehensive income | (1) |  | 6 |
Benefits paid | (7) |  | (9) |
Accrued benefit obligation, end of year | 93 |  | 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) | 2024 | 2023
Equity securities | 1,406 |  | 1,371 |
Debt securities | 929 |  | 914 |
Other - cash | 50 |  | 54 |
Total fair value of plan assets | 2,385 |  | 2,339 |
ALLOCATION OF PLAN ASSETS
| Allocation of plan assets | Target asset allocation percentage
| 2024 | 2023
Equity securities: |  |  |
Domestic | 12.2 | % | 12.0 | % | 3% to 13%
International | 46.7 | % | 46.6 | % | 27% to 37%
Debt securities | 39.0 | % | 39.1 | % | 45% to 75%
Other - cash | 2.1 | % | 2.3 | % | 0% to 5%
Total | 100.0 | % | 100.0 | % |

X
- Definition The disclosure of defined benefit plans. [Refer: Defined benefit plans [domain]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 138 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_138&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfDefinedBenefitPlansExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [domain]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 142 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_142&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 140 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_140_a&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [domain]; Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Paragraph 145 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&anchor=para_145&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Employee Benefits [Abstract] + References No definition available. + Details
Name: | rci_EmployeeBenefitsAbstract
Namespace Prefix: | rci_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration