v3.25.4
Retirement benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Employee Benefits [Abstract]  
Status of the defined benefit pension plans and other retirement benefits plans
The status of the defined benefit pension plans and other retirement benefit plans, in aggregate, is as follows:
Defined benefit
pension plans
Other retirement
benefit plans
2025202420252024
Accrued benefit obligations
Benefit obligations - opening
$678 $791 $19 $17 
CPL acquisition (note 3)— 10 — 3 
Service cost
33 41 — — 
Finance cost on obligation
34 36 1 1 
Benefits paid
(27)(34)(1)(1)
Actuarial gain due to change in financial assumptions(24)(12)— — 
Actuarial loss due to demography/experience1 4 — — 
Settlement
— (101)— — 
Other2 (3)— 1 
Foreign exchange1
31 (55)1 (2)
Benefit obligations - ending
$729 $678 $19 $19 
Plan assets
Plan assets - opening
$664 $786 $— $— 
CPL acquisition (note 3)— 11 — — 
Finance income on plan assets
32 35 — — 
Actual return on plan assets, net of finance income
(2)5 — — 
Employer contributions
7 21 1 1 
Benefits paid
(27)(34)(1)(1)
Settlement
— (102)— — 
Other
— (1)— — 
Refund of excess contributions(5)(3)— — 
Foreign exchange1
30 (55)— — 
Plan assets - ending
$700 $664 $— $— 
Funded status2
Retirement assets$55 $65 $— $— 
Impact of minimum funding requirement3
(3)(3)— — 
Retirement assets (note 9)
$52 $61 $— $— 
Retirement liabilities (note 11)
(83)(78)(19)(19)
$(31)(17)$(19)$(19)
1.Foreign currency translation relates to the foreign exchange impact of translating assets and liabilities of certain plans to U.S. dollars.
2.Plans in a surplus position are presented as assets and plans in a deficit position are presented as liabilities on our consolidated balance sheets.
3.Certain of our plans have a surplus that is not recognized on the basis that future economic benefits may not be available to us in the form of a reduction in future contributions or a cash refund.
Defined benefit plans expense
Defined benefit
pension plans
Other retirement
benefit plans
2025202420252024
Expense
Service cost$33 $41 $— $— 
Administration fees
2 2 — — 
Settlement loss— 1 — — 
Curtailment gain related to disposal of pulp mills— (2)— — 
Finance expense, net2 1 1 1 
$37 $43 $1 $1 
Projected future benefit payments At December 31, 2025, the projected future benefit payments for the defined benefit pension plans, to be made from plan assets, are as follows:
202620272028 to 2030ThereafterTotal
Defined benefit pension plans
$29$31$100$1,716$1,876
Actuarial assumptions
The significant actuarial assumptions used to determine our balance sheet date retirement assets and liabilities and our retirement benefit plan expenses are as follows:
Defined benefit
pension plans		Other retirement
benefit plans
2025202420252024
Benefit obligations:
Discount rate
5.01%4.83%4.99%4.78%
Future compensation rate increase
3.67%3.66%n/an/a
Benefit expense:
Discount rate - beginning of year4.83%4.69%4.78%4.69%
Future compensation rate increase3.66%3.62%n/an/a
Impact of change in assumptions on post-retirement obligations
The impact of a change in these assumptions on our retirement obligations as at December 31, 2025 is as follows:
IncreaseDecrease
Discount rate - 0.50% change
$(58)$70 
Compensation rate - 0.50% change
$15 $(11)
Assets allocations The weighted average asset allocations of the defined benefit plans at December 31, by asset category, are as follows:
Target range20252024
Canadian equities
2% - 15%
6 %5 %
Global equities
10% - 44%
19 %16 %
Fixed income investments
30% - 75%
46 %49 %
Alternative investments
0% - 57%
25 %25 %
Cash and cash equivalents
N/A
4 %5 %
100 %100 %