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Other Liabilities | 12 Months Ended
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Dec. 31, 2024
Disclosure of Other Liabilities [Abstract] |
Other Liabilities | 27. Provisions
(CAD$ in millions) |  | 2024 |  | 2023
At December 31 |  | $ | 2,626 |  |  | $ | 4,198 |
Less current portion of provisions |  | (187) |  |  | (347) |
Non-current provisions |  | $ | 2,439 |  |  | $ | 3,851 |
The following table summarizes the movements in provisions for the year ended December 31, 2024:
(CAD$ in millions) |  | Decommissioning and Restoration Provisions |  | Other Provisions |  | Total
At January 1, 2024 |  | $ | 3,907 |  |  | $ | 291 |  |  | $ | 4,198 |
Settled during the year |  | (123) |  |  | (27) |  |  | (150) |
Change in discount rate |  | (397) |  |  | — |  |  | (397) |
Change in amount and timing of cash flows |  | 374 |  |  | 40 |  |  | 414 |
Accretion |  | 177 |  |  | 5 |  |  | 182 |
Change from the NSC/POSCO transaction |  | 127 |  |  | — |  |  | 127 |
Sale of steelmaking coal business |  | (1,828) |  |  | (28) |  |  | (1,856) |
Other |  | (4) |  |  | — |  |  | (4) |
Changes in foreign exchange rates |  | 95 |  |  | 17 |  |  | 112 |
At December 31, 2024 |  | $ | 2,328 |  |  | $ | 298 |  |  | $ | 2,626 |
Less current portion of provisions |  | (149) |  |  | (38) |  |  | (187) |
Non-current provisions |  | $ | 2,179 |  |  | $ | 260 |  |  | $ | 2,439 |
Provisions related to the steelmaking coal business were derecognized upon sale of the business in July of 2024 (Note 5). During the year ended December 31, 2024, we recorded $35 million (2023 – $36 million) of additional study and environmental costs arising from legal obligations through other provisions. 27. Provisions (continued) Decommissioning and Restoration Provisions The decommissioning and restoration provisions represent the present value of estimated costs for required future decommissioning and other site restoration activities. These activities include removal of site structures and infrastructure, recontouring and revegetation of previously mined areas and the management of water and water quality in and around each closed site. The majority of the decommissioning and site restoration expenditures occur near the end of, or after, the life of the related operation. After the end of the life of certain operations, water quality management costs may extend for periods in excess of 100 years. Our provision for these expenditures was $568 million as at December 31, 2024 (2023 – $990 million, of which $515 million related to the steelmaking coal business. The provision related to the steelmaking coal business was derecognized upon sale of the business in July of 2024 (Note 5)). In 2024, the decommissioning and restoration provisions were calculated using nominal discount rates between 6.33% and 7.03% (2023 – 5.61% and 7.13%). We also used an inflation rate of 2.00% (2023 – 2.00%) over the long term in our cash flow estimates. Total decommissioning and restoration provisions include $459 million (2023 – $806 million) in respect of closed operations. During the fourth quarter of 2024, our decommissioning and restoration provisions increased by $167 million compared to the third quarter of 2024. The increase in decommissioning and restoration provisions was due to an increase of $504 million in reclamation cash flows, primarily related to changes in planned reclamation work and associated cost estimates at Red Dog, Quebrada Blanca and Antamina. This increase was partially offset by a decrease of $337 million associated with an increase in the rates used to discount decommissioning and restoration provisions. In relation to the steelmaking coal business, which was sold in July of 2024 (Note 5), the requirements for water quality management were established under a regional permit issued by the provincial government of British Columbia. This permit referenced the Elk Valley Water Quality Plan (EVWQP). In October 2020, Environment and Climate Change Canada issued a Direction under the Fisheries Act (the Direction) requiring us to undertake certain additional measures to address water quality and fish habitat impacts in the upper Fording River and certain tributaries, and stipulating deadlines for implementation of certain measures contemplated by the EVWQP. The Direction did not require construction of any additional water treatment facilities beyond those already contemplated by the EVWQP, but set out requirements with respect to water management such as diversions, mine planning, fish monitoring and calcite prevention measures, as well as the installation by December 31, 2030, of a 200-hectare geosynthetic cover trial in the Greenhills creek drainage. As at December 31, 2023, estimated costs in relation to this Direction issued by Environment and Climate Change Canada were included in our decommissioning and restoration provisions. This provision was derecognized upon sale of the steelmaking coal business in July of 2024. 28. Other Liabilities
(CAD$ in millions) |  | December 31, 2024 |  | December 31, 2023 |  |
Long-term portion of derivative liabilities (current portion – $23 (2023 – $15)) |  | $ | 24 |  |  | $ | 18 |  |  |
Codelco preferential dividend liability (Note 12(a)) |  | 548 |  |  | 444 |  |  |
QB variable consideration to IMSA (Note 12(a)) |  | 60 |  |  | 115 |  |  |
Obligation to Neptune Bulk Terminals (derecognized as part of the sale of the steelmaking coal business (Note 5)) |  | — |  |  | 207 |  |  |
Downstream pipeline take-or-pay toll commitment |  | 285 |  |  | 270 |  |  |
Other liabilities |  | 182 |  |  | 89 |  |  |
|  | $ | 1,099 |  |  | $ | 1,143 |  |  |

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