
		December 31,		December 31,
As at	Note	2025		2024
Retirement liabilities	13	$	102	$	97
Non-current portion of reforestation obligations		50		47
Non-current portion of decommissioning obligations		44		24
Non-current portion of lease obligations		24		19
Export duties	25	166		46
Electricity swaps	22	6		8

Other		30		22
		$	423	$	264

Reforestation and decommissioning obligations relate to our responsibility for reforestation under various timber licences and our obligations related to landfill closure and other site remediation costs.

Reforestation obligations are measured at the present value of the expected expenditures required to settle the obligations and are accrued and charged to earnings when timber is harvested. The reforestation obligation is accreted over time through charges to finance expense and reduced by silviculture expenditures. Changes to estimates are credited or charged to earnings.

We record a liability for decommissioning obligations in the period a reasonable estimate can be made. The liability is determined using estimated closure and/or remediation costs and discounted using an appropriate discount rate. On initial recognition, the carrying value of the liability is added to the carrying amount of the associated asset and amortized over its useful life, or expensed when there is no related asset. The liability is accreted over time through charges to finance expense and reduced by actual costs of settlement. Changes to estimates result in an adjustment of the carrying amount of the associated asset or, where there is no asset, they are credited or charged to earnings.


		Reforestation				Decommissioning
	Note	2025		2024		2025		2024
Beginning of year		$	83	$	92	$	43	$	37
Acquisition	3	—		—		—		1

Liabilities recognized		59		49		21		9
Liabilities settled		(57)		(61)		(12)		(4)
Change in estimates		(1)		10		3		3
Foreign exchange		4		(7)		4		(3)
End of year		88		83		58		43
Less: current portion		(38)		(36)		(14)		(19)
		$	50	$	47	$	44	$	24

The total undiscounted amount of the estimated cash flows required to satisfy these obligations is $159 million (December 31, 2024 - $139 million). The cash flows have been discounted using risk-free rates ranging from 2.50% to 3.85% (2024 - 2.50% to 3.33%).

The timing of reforestation expenditures is based on the estimated period required to ensure the associated areas are well established and attain free to grow status, which is generally between 12 to 15 years. Payments relating to landfill closures and site remediation are expected to occur over periods ranging up to 50 years.