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Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Employee Benefits [Abstract] |
Summary of Actuarial Valuation of Plans | Actuarial Valuation of Plans
(CAD$ in millions) |  | 2023 |  | 2022
|  | Defined Benefit Pension Plans |  | Non-Pension Post- Retirement Benefit Plans |  | Defined Benefit Pension Plans |  | Non-Pension Post- Retirement Benefit Plans
Defined benefit obligation |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 1,834 |  |  | $ | 343 |  |  | $ | 2,407 |  |  | $ | 420 |
Current service cost |  | 39 |  |  | 22 |  |  | 63 |  |  | 26 |
Past service costs arising from plan improvements |  | — |  |  | — |  |  | 4 |  |  | — |
Benefits paid |  | (138) |  |  | (21) |  |  | (140) |  |  | (16) |
Interest expense |  | 90 |  |  | 16 |  |  | 71 |  |  | 12 |
Obligation experience adjustments |  | 11 |  |  | (5) |  |  | 12 |  |  | (5) |
Effect from change in financial assumptions |  | 93 |  |  | 14 |  |  | (595) |  |  | (98) |
Effect from change in demographic assumptions |  | 1 |  |  | — |  |  | 2 |  |  | — |
Changes in foreign exchange rates |  | (1) |  |  | 1 |  |  | 10 |  |  | 4 |
Balance at end of year |  | 1,929 |  |  | 370 |  |  | 1,834 |  |  | 343 |
Fair value of plan assets |  |  |  |  |  |  |  |
Fair value at beginning of year |  | 2,371 |  |  | — |  |  | 2,858 |  |  | — |
Interest income |  | 117 |  |  | — |  |  | 86 |  |  | — |
Return on plan assets, excluding amounts included in interest income |  | 115 |  |  | — |  |  | (460) |  |  | — |
Benefits paid |  | (138) |  |  | (21) |  |  | (140) |  |  | (16) |
Contributions by the employer |  | 28 |  |  | 21 |  |  | 19 |  |  | 16 |
Changes in foreign exchange rates |  | (2) |  |  | — |  |  | 8 |  |  | — |
Fair value at end of year |  | 2,491 |  |  | — |  |  | 2,371 |  |  | — |
Funding surplus (deficit) |  | 562 |  |  | (370) |  |  | 537 |  |  | (343) |
Less effect of the asset ceiling |  |  |  |  |  |  |  |
Balance at beginning of year |  | 390 |  |  | — |  |  | 99 |  |  | — |
Interest on asset ceiling |  | 19 |  |  | — |  |  | 9 |  |  | — |
Change in asset ceiling |  | (218) |  |  | — |  |  | 282 |  |  | — |
Balance at end of year |  | 191 |  |  | — |  |  | 390 |  |  | — |
Net accrued retirement benefit asset (liability) |  | $ | 371 |  |  | $ | (370) |  |  | $ | 147 |  |  | $ | (343) |
Represented by: |  |  |  |  |  |  |  |
Pension assets (Note 15) |  | $ | 446 |  |  | $ | — |  |  | $ | 224 |  |  | $ | — |
Accrued retirement benefit liability |  | (75) |  |  | (370) |  |  | (77) |  |  | (343) |
Net accrued retirement benefit asset (liability) |  | $ | 371 |  |  | $ | (370) |  |  | $ | 147 |  |  | $ | (343) |
Summary of Defined Benefit Plans | Weighted average assumptions used to calculate the defined benefit obligation at the end of each year are as follows:
|  | December 31, 2023 |  | December 31, 2022
|  | Defined Benefit Pension Plans |  | Non-Pension Post- Retirement Benefit Plans |  | Defined Benefit Pension Plans |  | Non-Pension Post- Retirement Benefit Plans
Discount rate |  | 4.63 | % |  | 4.64 | % |  | 5.05 | % |  | 5.06 | %
Rate of increase in future compensation |  | 3.25 | % |  | 3.25 | % |  | 3.25 | % |  | 3.25 | %
Medical trend rate |  | — |  |  | 5.00 | % |  | — |  |  | 5.00 | %
Summary of Sensitivity of Defined Benefit Obligation to Changes in Weighted Average Assumptions |
|  | 2023
|  | Effect on Defined Benefit Obligation
|  | Change in Assumption |  | Increase in Assumption |  | Decrease in Assumption
Discount rate |  | 1.0 | % |  | Decrease by 11% |  | Increase by 12%
Rate of increase in future compensation |  | 1.0 | % |  | Increase by 1% |  | Decrease by 1%
Medical cost claim trend rate |  | 1.0 | % |  | Increase by 1% |  | Decrease by 1%
|  | 2022
|  | Effect on Defined Benefit Obligation
|  | Change in Assumption |  | Increase in Assumption |  | Decrease in Assumption
Discount rate |  | 1.0 | % |  | Decrease by 10% |  | Increase by 12%
Rate of increase in future compensation |  | 1.0 | % |  | Increase by 1% |  | Decrease by 1%
Medical cost claim trend rate |  | 1.0 | % |  | Increase by 1% |  | Decrease by 1%
|  | 2023 |  | 2022
|  | Male |  | Female |  | Male |  | Female
Retiring at the end of the reporting period |  | 85.4 years |  | 87.7 years |  | 85.3 years |  | 87.7 years
Retiring 20 years after the end of the reporting period |  | 86.4 years |  | 88.7 years |  | 86.3 years |  | 88.6 years
Summary of Defined Benefit Pension Plan Assets | The defined benefit pension plan assets at December 31, 2023 and 2022 are as follows:
(CAD$ in millions) |  | 2023 |  | 2022
|  | Quoted |  | Unquoted |  | Total % |  | Quoted |  | Unquoted |  | Total %
Equity securities |  | $ | 829 |  |  | $ | — |  |  | 33 | % |  | $ | 775 |  |  | $ | — |  |  | 33 | %
Debt securities |  | $ | 1,138 |  |  | $ | — |  |  | 46 | % |  | $ | 1,099 |  |  | $ | — |  |  | 46 | %
Real estate and other |  | $ | 69 |  |  | $ | 455 |  |  | 21 | % |  | $ | 52 |  |  | $ | 445 |  |  | 21 | %

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- Definition The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2023-01-01 -Paragraph 142 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2023-en-r&anchor=para_142&doctype=Standard -URIDate 2023-03-23 + Details
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- 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 2023-01-01 -Paragraph 140 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2023-en-r&anchor=para_140_a&doctype=Standard -URIDate 2023-03-23 + Details
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- 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 [member]; Defined benefit obligation, at present value] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2023-01-01 -Paragraph 145 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2023-en-r&anchor=para_145&doctype=Standard -URIDate 2023-03-23 + Details
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