v3.26.1
Pension Plans and Other Post-Retirement Benefit Plans
 6 Months Ended
Jun. 30, 2026
Compensation And Retirement Disclosure [Abstract]  
Pension Plans and Other Post-Retirement Benefit Plans

NOTE 5.

_________________

PENSION PLANS AND OTHER POST-RETIREMENT BENEFIT PLANS

DEFINED CONTRIBUTION PLANS

The Company has several defined contribution plans and multi-employer plans. The pension expense under these plans is equal to the Company’s contribution. For the three and six months ended June 30, 2026, the pension expense was $14 million and $30 million, respectively (2025 – $15 million and $33 million, respectively).

The Company expects to contribute approximately $29 million under these plans during the remainder of the year.

DEFINED BENEFIT PLANS AND OTHER POST-RETIREMENT BENEFIT PLANS

The Company's employees participate in various employee benefit plans.

Components of net periodic benefit cost for pension plans and other post-retirement benefit plans:

 

 

 

 

 

 

 

For the three months ended

 

 

For the six months ended

 

 

 

June 30, 2026

 

 

June 30, 2026

 

 

 

Pension plans

 

 

Other post-retirement benefit plans

 

 

Pension plans

 

 

Other post-retirement benefit plans

 

 

 

$

 

 

$

 

 

$

 

 

$

 

Service cost

 

 

5

 

 

 

—

 

 

 

9

 

 

 

—

 

Interest expense

 

 

39

 

 

 

3

 

 

 

77

 

 

 

4

 

Expected return on plan assets

 

 

(48

)

 

 

—

 

 

 

(94

)

 

 

—

 

Amortization of net actuarial gain

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

Settlement loss

 

 

7

 

 

 

—

 

 

 

7

 

 

 

—

 

Net periodic benefit cost

 

 

3

 

 

 

2

 

 

 

(1

)

 

 

3

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

For the six months ended

 

 

 

June 30, 2025

 

 

June 30, 2025

 

 

 

Pension plans

 

 

Other post-retirement benefit plans

 

 

Pension plans

 

 

Other post-retirement benefit plans

 

 

 

$

 

 

$

 

 

$

 

 

$

 

Service cost

 

 

4

 

 

 

—

 

 

 

10

 

 

 

—

 

Interest expense

 

 

44

 

 

 

3

 

 

 

86

 

 

 

4

 

Expected return on plan assets

 

 

(49

)

 

 

—

 

 

 

(98

)

 

 

—

 

Amortization of net actuarial gain

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

—

 

Settlement loss

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

Net periodic benefit cost

 

 

(1

)

 

 

2

 

 

 

(1

)

 

 

4

 

 

 

The components of net periodic benefit cost for pension plans and other post-retirement benefits plans, other than service cost, are presented in Non-service components of net periodic benefit cost on the Consolidated Statement of Earnings (Loss) and Comprehensive Income (Loss).

 

For the three and six months ended June 30, 2026, the Company contributed $21 million and $41 million, respectively (2025 – $22 million and $42 million, respectively) to the pension plans and $3 million and $6 million, respectively (2025 – $5 million and $7 million, respectively) to the other post-retirement benefit plans.

The Company expects to make cash contributions of approximately $51 million to the pension plans and $7 million to the other post-retirement benefit plans during the remainder of the year.