West Fraser Timber (WFG) 40-F 15 Feb 22 2021 FY Annual report (Canada) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2021
Document Information [Line Items]
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Entity File Number	001-39974
Entity Registrant Name	WEST FRASER TIMBER CO. LTD.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1630330
Entity Address, Address Line One	501 – 858 Beatty Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6B 1C1
City Area Code	604
Local Phone Number	895-2700
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Central Index Key	0001402388
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Amendment Description
Business Contact
Document Information [Line Items]
Contact Personnel Name	West Fraser, Inc.
Entity Address, Address Line One	1900 Exeter Road
Entity Address, Address Line Two	Suite 105
Entity Address, City or Town	Germantown
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38138
City Area Code	901
Local Phone Number	620-4200

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Vancouver, British Columbia, Canada
Auditor Firm ID	271

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and short-term investments (note 4)	$ 1,568	$ 461	$ 12
Receivables (note 22)	508	277	199
Income taxes receivable	42	8	104
Inventories (note 5)	1,061	578	561
Prepaid expenses	38	12	7
Current assets	3,217	1,336	883
Property, plant and equipment (note 6)	4,100	1,657	1,648
Timber licences (note 7)	368	372	380
Goodwill and other intangible assets (note 8)	2,440	591	594
Export duty deposits (note 25)	242	178	61
Other assets	58	35	20
Deferred income tax assets	8	9	8
Assets	10,433	4,178	3,594
Current liabilities
Cheques issued in excess of funds on deposit	0	0	12
Operating loans (note 12)	0	0	288
Payables and accrued liabilities (note 10)	848	389	305
Current portion of long-term debt (note 12)	0	7	7
Current portion of reforestation and decommissioning obligations (note 11)	46	34	32
Income taxes payable	312	98	0
Current liabilities	1,206	528	644
Long-term debt (note 12)	499	500	500
Other liabilities (note 11)	360	408	350
Deferred income tax liabilities (note 18)	712	264	195
Liabilities	2,777	1,700	1,689
Shareholders’ Equity
Share capital (note 14)	3,402	481	480
Retained earnings	4,503	2,237	1,697
Accumulated other comprehensive earnings	(249)	(240)	(272)
Shareholders’ equity	7,656	2,478	1,905
Liabilities and shareholders' equity	$ 10,433	$ 4,178	$ 3,594

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Sales	$ 10,518	$ 4,373
Costs and expenses
Cost of products sold	4,645	2,559
Freight and other distribution costs	846	529
Export duties, net (note 25)	146	57
Amortization	584	203
Selling, general and administration	312	185
Equity-based compensation (note 15)	40	9
Operating expense	6,573	3,542
Operating earnings	3,945	831
Finance expense, net	(45)	(27)
Other	(2)	(14)
Earnings before tax	3,898	790
Tax provision (note 18)	(951)	(202)
Earnings	$ 2,947	$ 588
Earnings per share
Basic (in usd per share)	$ 27.03	$ 8.56
Diluted (in usd per share)	$ 27.03	$ 8.56

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of comprehensive income [abstract]
Earnings	$ 2,947	$ 588
Items that may be reclassified to earnings
Translation loss on foreign operations	(9)	0
Items that will not be reclassified to earnings
Translation effect on change in reporting currency	0	32
Actuarial loss on retirement benefits, net of tax	153	(7)
Total other comprehensive income	144	25
Comprehensive earnings	$ 3,091	$ 613

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions		Total	Share Capital	Contributed Surplus	Retained Earnings	Accumulated Other Comprehensive Earnings
Balance, beginning of year (in shares) at Dec. 31, 2019			68,662,767
Balance, beginning of year at Dec. 31, 2019		$ 1,905	$ 480	$ 0	$ 1,697	$ (272)
Earnings		588			588
Translation effect on change in reporting currency		32				32
Translation loss on foreign operations		0
Actuarial loss on retirement benefits, net of tax		(7)			(7)
Issuance of common shares			15,855
Issuance of Common shares (note 14)		1	$ 1
Dividends declared	[1]	(41)			(41)
Balance, end of year (in shares) at Dec. 31, 2020			68,678,622
Balance, end of year at Dec. 31, 2020		2,478	$ 481		2,237	(240)
Earnings		2,947			2,947
Translation effect on change in reporting currency		0
Translation loss on foreign operations		(9)				(9)
Actuarial loss on retirement benefits, net of tax		153			153
Issuance of common shares			54,618,586
Issuance of Common shares (note 14)		3,491	$ 3,491
Dividends declared	[1]	(85)			(85)
Acquired equity-settled share option plan (note 15)		14		14
Equity-settled share option expense		1		1
Conversion of equity-settled share option plan to cash-settled (note 15)		(15)		(15)
Repurchase of Common shares for cancellation (in share)			(17,368,474)
Repurchase of Common shares for cancellation		(1,319)	$ (570)		(749)
Balance, end of year (in shares) at Dec. 31, 2021			105,928,734
Balance, end of year at Dec. 31, 2021		$ 7,656	$ 3,402	$ 0	$ 4,503	$ (249)
[1]	Represents cash dividends declared of CAD$0.80 per share during the year ended December 31, 2020. Cash dividends declared during the year ended December 31, 2021 comprised of CAD$0.70 per share in aggregate for the first three quarters and USD$0.20 per share for the fourth quarter.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical)	3 Months Ended				12 Months Ended
	Dec. 31, 2021$ / shares	Sep. 30, 2021$ / shares	Jun. 30, 2021$ / shares	Mar. 31, 2021$ / shares	Dec. 31, 2020$ / shares
Statement of changes in equity [abstract]
Dividends recognised as distributions to owners per share | (per share)	$ 0.20	$ 0.70	$ 0.70	$ 0.70	$ 0.80

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Cash provided by operations
Earnings		$ 2,947	$ 588
Adjustments
Amortization		584	203
Finance expense		45	27
Export duty deposits (note 25)		(55)	(104)
Export duty payable (note 25)		69	0
Retirement benefit expense		111	74
Contributions to retirement benefit plans		(77)	(49)
Tax provision		951	202
Income taxes (paid) received		(946)	41
Other		(8)	4
Changes in non-cash working capital
Receivables		5	(78)
Inventories		(139)	(14)
Prepaid expenses		(14)	(5)
Payables and accrued liabilities		79	79
Cash flows from operating activities		3,552	968
Cash used for financing
Repayment of long-term debt (note 12)		(667)	0
Repayment of operating loans		0	(280)
Finance expense paid		(37)	(30)
Make-whole premium paid (note 12)		(60)	0
Financing fees paid		4	0
Repurchase of Common shares for cancellation (note 14)		(1,319)	0
Issuance of Common shares (note 14)		7	0
Dividends paid		(75)	(41)
Other		(9)	(2)
Cash flows used in financing activities		(2,164)	(353)
Cash used for investing
Acquired cash and short-term investments from Norbord Acquisition1	[1]	642	0
Angelina Acquisition, net of cash acquired (note 3)		(302)	0
Additions to capital assets2	[2]	(635)	(180)
Other		9	14
Cash flows used in investing activities		(286)	(166)
Change in cash		1,102	449
Foreign exchange effect on cash		5	12
Cash - beginning of year		461	12
Cash - beginning of year			0
Cash - end of year		$ 1,568	$ 461
[1]	The Norbord Acquisition (note 3) was a non-cash share consideration transaction, and therefore, only the acquired cash is included in the above cash flow. Changes in Norbord’s cash position incurred subsequent to February 1, 2021 are incorporated into our cash flow results.
[2]	Capital assets are comprised of property, plant and equipment, timber licenses, and intangible assets. Additions to capital assets include $276 million relating to the asset acquisition of the idled OSB mill near Allendale, South Carolina.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
OSB mill
Condensed Financial Statements, Captions [Line Items]
Increase in property, plant and equipment	$ 276

Nature of operations

Nature of operations	12 Months Ended
	Dec. 31, 2021
Corporate Information And Statement Of IFRS Compliance [Abstract]
Nature of operations	Nature of operations West Fraser Timber Co. Ltd. ("West Fraser", the “Company”, "we", "us" or "our") is a diversified wood products company with more than 60 facilities in Canada, the United States (“U.S.”) , the United Kingdom (“U.K.”) , and Europe. From responsibly sourced and sustainably managed forest resources, the Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, other residuals and renewable energy. West Fraser’s products are used in home construction, repair and remodelling, industrial applications, papers, tissue, and box materials. Our executive office is located at 858 Beatty Street, Suite 501, Vancouver, British Columbia. West Fraser was formed by articles of amalgamation under the Business Corporations Act (British Columbia) and is registered in British Columbia, Canada. Our Common shares are listed for trading on the Toronto Stock Exchange (“TSX”) and on the New York Stock Exchange (“NYSE”) under the symbol WFG.

Basis of presentation

Basis of presentation	12 Months Ended
	Dec. 31, 2021
Basis of Presentation [Abstract]
Basis of presentation	Basis of presentation These consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) and were approved by our Board of Directors on February 15, 2022. Our consolidated financial statements have been prepared under the historical cost basis, except for certain items as discussed in the applicable accounting policies. Change in functional and reporting currency Determination of functional currency may involve certain judgments to determine the primary economic environment. We reconsider the functional currency of our entities if there is a change in events and conditions which determine the primary economic environment. We have determined that, as a result of the acquisition of Norbord Inc. (the “Norbord Acquisition”), the functional currency of our Canadian operations has changed from Canadian dollars (“CAD” or “CAD$”) to United States dollars (“USD” or “US$”). We considered a variety of factors when making this decision, the most significant being an increase in the level of sales made in USD, a portion of operating expenses being incurred in USD, and increased levels of USD financing. Concurrent with the change in functional currency, we also changed our reporting currency from CAD to USD. This change in reporting currency is to better reflect our business activities, following the increased presence in the U.S. as a result of the Norbord Acquisition and in connection with the listing of West Fraser’s common shares on the NYSE on February 1, 2021. A change in functional currency is applied prospectively and must be based on a change in economic facts, events and conditions. In contrast, a change in reporting currency requires retroactive restatement. Both changes have specific transition rules under IAS 21, The Effects of Changes in Foreign Exchange Rates (“IAS 21”) . As at and for the year ended December 31, 2020 and all prior periods, our functional and reporting currency was CAD as described in our audited annual consolidated financial statements. The currency remeasurement of our results applied the IAS 21 transitional rules. To prepare our December 31, 2020 and January 1, 2020 consolidated balance sheets, all assets and liabilities were translated into USD at the closing exchange rate on December 31, 2020 and December 31, 2019 respectively, as listed below. Equity items were retroactively restated at historical exchange rates to give effect to the change in reporting currency. The accounting policy used to translate the equity items prior to 2020 was to use the annual average exchange rate for each equity transaction that occurred in the year. For 2020, equity items were translated quarterly using the average exchange rate for each quarter. To prepare our 2020 consolidated statement of earnings, all revenues and expenses were translated into USD at the average exchange rate for each quarter, with no adjustments to the measurement of or accounting for previously reported results. To prepare our 2020 consolidated statement of cash flow, all items were translated into USD at the average exchange rate for each quarter, with no adjustments to the measurement of or accounting for previously reported results. The exchange rates used to reflect the change in reporting currency were as follows: CAD - USD exchange rate Q1-20 Q2-20 Q3-20 Q4-20 Q4-19 Closing rate 0.7049 0.7338 0.7497 0.7854 0.7699 Average rate 0.7443 0.7221 0.7508 0.7676 n/a Accounting policies Accounting policies that relate to the consolidated financial statements as a whole are incorporated in this note. Where an accounting policy is applicable to a specific note disclosure, the policy is described within the respective note. Basis of consolidation These consolidated financial statements include the accounts of West Fraser and its wholly-owned subsidiaries after the elimination of intercompany transactions and balances. Our material subsidiaries are West Fraser Mills Ltd. and Norbord Inc. Our 50%-owned joint operations, Alberta Newsprint Company and Cariboo Pulp & Paper Company, are accounted for by recognizing our share of the assets, liabilities, revenues, and expenses related to these joint operations. Use of estimates and judgments The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts could differ materially from these and other estimates, the impact of which would be recorded in future periods. Management is also required to exercise judgment in the process of applying accounting policies. Information about the significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes: • Note 2 – Determination of functional currency • Note 3 – Fair value of PPE and intangible assets acquired in business combinations • Note 5 – Valuation of inventories • Note 6 – Recoverability of PPE • Note 6 – Estimated useful lives of PPE • Note 8 – Recoverability of goodwill • Note 11 – Reforestation and decommissioning obligations • Note 13 – Defined benefit pension plans • Note 15 – Equity-based compensation • Note 18 – Income taxes • Note 25 – CVD and ADD duty dispute Revenue recognition Revenue is derived primarily from product sales and is recognized when a customer obtains control over the goods. The timing of transfer of control to customers varies depending on individual terms of the sales contract. For most of our sales, control is obtained by the customer when the product is loaded on a common carrier at our mill. Some of our revenue is recognized when the product is delivered to the customer or when it is loaded on an ocean carrier. The amount of revenue recognized is net of our estimate for early payment discounts and volume rebates. Revenue includes charges for freight and handling. The costs related to these revenues are recorded in freight and other distribution costs. Foreign currency translation effective from February 1, 2021 The consolidated financial statements are presented in USD, which was determined to be the functional currency of our U.S. operations, and the majority of our Canadian operations. For these entities, all transactions not denominated in our U.S. functional currency are considered to be foreign currency transactions. Foreign currency-denominated monetary assets and liabilities are translated using the rate of exchange prevailing at the reporting date. Gains or losses on translation of these items are included in earnings and reported as Other. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. Our European operations have British pound sterling and Euro functional currencies and our Canadian newsprint operation has a Canadian dollar functional currency. Assets and liabilities of these entities are translated at the rate of exchange prevailing at the reporting date, and revenues and expenses at average rates during the period. Gains or losses on translation are included as a component of shareholders’ equity in accumulated other comprehensive earnings. Impairment of capital assets We assess property, plant and equipment, timber licences, and other definite-lived intangibles for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment testing is applied to individual assets or cash generating units (“CGUs”), the smallest group of assets that generates cash inflows that are largely independent of the cash inflows of other assets or groups of assets. We have identified each of our mills as a CGU for impairment testing unless there is economic interdependence of CGUs, in which case they are grouped for impairment testing. When a triggering event is identified, recoverability of long-lived assets is assessed by comparing the carrying amount of the asset or CGU to the estimated recoverable amount, which is the higher of its estimated fair value less costs of disposal or its value in use. Fair value less costs of disposal is determined by ascertaining the price that would be received to sell an asset in an orderly transaction between market participants under current market conditions, less incremental costs directly attributable to the disposal. Value in use is determined by measuring the pre-tax cash flows expected to be generated from the asset over its estimated useful life discounted by a pre-tax discount rate. Where an impairment loss for long‑lived assets subsequently reverses, the carrying amount of the asset or CGU is increased to the lesser of the revised estimate of its recoverable amount and the carrying amount that would have been recorded had no impairment loss been previously recognized. Fair value measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. Fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurement are observable and the significance of the inputs. Our fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are: Level 1 Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 Values based on inputs other than quoted prices that are observable for the asset or liability, directly or indirectly. Level 3 Values based on valuation techniques that require inputs which are both unobservable and significant to the overall fair value measurement. Accounting standards, amendments and interpretations issued but not yet applied There are no standards or amendments or interpretations to existing standards issued but not yet effective which are expected to have a material impact on our consolidated financial statements.

Business acquisitions

Business acquisitions	12 Months Ended
	Dec. 31, 2021
Business Acquisitions [Abstract]
Business acquisitions	Business acquisitions Accounting policies Business combinations are accounted for using the acquisition method. We measure goodwill at the acquisition date as the fair value of the consideration transferred less the fair value of the identifiable assets acquired and liabilities assumed. The determination of the fair value of the assets acquired and liabilities assumed requires management to use estimates that contain uncertainty and critical judgments. Transaction costs in connection with business combinations are expensed as incurred. Valuation techniques utilized We engaged a valuations expert to assist with the determination of estimated fair value for acquired working capital, property, plant and equipment, and intangible assets. We applied the market comparison technique and cost technique in determining the fair value of acquired property, plant, and equipment. We considered market prices for similar assets when they were available, and depreciated replacement cost in other circumstances. Depreciated replacement cost reflects adjustments for physical deterioration as well as functional and economic obsolescence. The key assumptions used in the estimation of depreciated replacement cost are the asset’s estimated replacement cost at the time of acquisition and estimated useful life. We applied the multi-period excess earnings method in determining the fair value of the customer relationship intangible recognized in the Norbord Acquisition. The multi-period excess earnings method considers the present value of incremental after-tax cash flows expected to be generated by the customer relationship after deducting contributory asset charges. The key assumptions used in applying the valuation technique include: the forecasted revenues relating to Norbord’s existing customers at the time of acquisition, the forecasted attrition rates relating to these customers, forecasted operating margins, and the discount rate. Supporting Information Norbord acquisition On February 1, 2021, we acquired all of the outstanding shares of Norbord Inc. (“Norbord”). According to the terms of the Norbord Acquisition, Norbord shareholders received 0.675 of a West Fraser share for each Norbord share held. The result was the issuance of 54,484,188 Common shares of West Fraser at a price of US$63.90 per share (CAD$81.94 per share) for $3,482 million. The price per share was based on the West Fraser Common shares’ closing price as listed on the TSX on January 29, 2021, and a CAD-USD exchange rate of 0.7798. Included in the Norbord Acquisition are five OSB mills in Canada, seven OSB mills in the U.S., one OSB mill, one MDF plant and two particleboard plants in the U.K., one OSB mill in Belgium, and their related corporate offices. We have incorporated the North American operations of Norbord into our Panels segment and renamed that segment North America (“NA”) Engineered Wood Products (“EWP”). This segment includes the results from North American operations for OSB, plywood, MDF, and LVL. In addition, we have identified a Europe EWP segment, which includes the results from the U.K. and Belgium operations for OSB, MDF and particleboard. The EWP segments have been separated due to differences in the operating region, customer base, profit margins and sales volumes. The Norbord Acquisition has been accounted for as an acquisition of a business in accordance with IFRS 3, Business Combinations. We have allocated the purchase price based on our estimated fair value of the assets acquired and the liabilities assumed as follows: West Fraser purchase consideration: Fair value of West Fraser shares issued $ 3,482 Fair value of equity-based compensation instruments 24 $ 3,506 Fair value of net assets acquired: Cash and short-term investments $ 642 Accounts receivable 232 Inventories 334 Prepaid expenses 12 Property, plant and equipment 2,088 Timber licenses 10 Other non-current assets 6 Other intangibles 17 Customer relationship intangible 470 Goodwill 1,339 Payables and accrued liabilities (301) Income tax payable (155) Current portion of reforestation and decommissioning obligations (2) Long-term debt (720) Other non-current liabilities (36) Deferred income tax liabilities (430) $ 3,506 Balances that required significant fair value adjustments for purchase price accounting included inventory, property, plant and equipment, and customer relationship intangibles. The resulting goodwill and deferred income tax liabilities were also significant. Factors contributing to goodwill include the Norbord workforce and assets that are geographically complementary to our existing facilities and offer close access to large markets and timber baskets. The Norbord Acquisition also provides increased scale and geographic diversification of manufacturing and markets. The goodwill of $1,339 million is not deductible for tax purposes. Acquisition costs of $17 million have been expensed in selling, general and administration. Angelina Forest Products acquisition On December 1, 2021, we acquired the Angelina Forest Products (“Angelina Acquisition” or “Angelina”) lumber mill located in Lufkin, Texas for preliminary cash consideration of $310 million. This acquisition has been accounted for as an acquisition of a business in accordance with IFRS 3, Business Combinations. We have allocated the purchase price based on our preliminary estimated fair value of the assets acquired and the liabilities assumed as follows: West Fraser purchase consideration: Cash consideration 1 $ 310 Preliminary fair value of net assets acquired: Cash $ 8 Accounts receivable 7 Inventories 11 Property, plant and equipment 213 Goodwill 78 Payables and accrued liabilities (7) $ 310 1. A net outflow comprising the cash consideration of $310 million net of cash acquired of $8 million is presented in the consolidated statements of cash flows. Purchase consideration is preliminary as at December 31, 2021, subject to finalization of certain post-close working capital adjustments. Our valuation of property, plant and equipment and intangibles remains preliminary as at December 31, 2021. Factors contributing to goodwill include the Angelina workforce and assets that are geographically complementary to our existing facilities and offer close access to large markets and timber baskets. The goodwill of $78 million is deductible for tax purposes. We have incorporated the mill into our Lumber segment. Acquisition costs were nominal and have been expensed in selling, general, and administration. Financial Results The following tables represent the actual results of Norbord and Angelina included in our statement of earnings and the proforma results of operations for the year ended December 31, 2021. The proforma results assume the Norbord Acquisition and the Angelina Acquisition occurred on January 1, 2021, and that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition occurred on January 1, 2021. Results Attributable to Acquired Businesses ($ millions) Norbord Results for February 1 to December 31, 2021 1,3 Angelina Results for December 1 to December 31, 2021 2,3 Total Sales $ 4,175 $ 15 $ 4,190 Operating earnings 1,915 1 1,916 Earnings 1,427 1 1,428 1. Represents the results of the Norbord operations since the acquisition date that are included in our results. 2. Represents the results of the Angelina operations since the acquisition date that are included in our results. 3. Operating earnings and earnings Include purchase price accounting impacts of $93 million expense and $2 million expense for the one-time inventory adjustments in cost of products sold relating to the Norbord Acquisition and Angelina Acquisition, respectively. Proforma 2021 Results ($ millions) West Fraser Actual Results 2 2021 Norbord Proforma Results 1 Jan-21 Angelina Proforma Results 1 Jan-21 to Nov-21 West Fraser Proforma Results 1,2 2021 Sales $ 10,518 $ 277 $ 163 $ 10,958 Operating earnings 3,945 115 61 4,121 Earnings 2,947 86 57 3,090 1. These unaudited proforma results have been provided as required per IFRS 3 - Business Combinations . West Fraser proforma YTD-21 presents West Fraser’s results as if the Norbord Acquisition and Angelina Acquisition were completed on January 1, 2021. 2. Operating earnings and earnings include purchase price accounting impacts of $93 million expense and $2 million expense for the one-time inventory adjustments in cost of products sold relating to the Norbord Acquisition and Angelina Acquisition, respectively.

Cash and Short-term investments

Cash and Short-term investments	12 Months Ended
	Dec. 31, 2021
Accounting Standards, Amendments and Interpretations Issued but not yet Applied [Abstract]
Cash and short-term investments	Cash and short-term investments Accounting policies Cash and short‑term investments consist of cash on deposit and short‑term interest-bearing securities maturing within three months of the date of purchase. Supporting information Currency remeasurement Currency remeasurement 2021 2020 January 1, 2020 Cash $ 847 $ 434 $ 10 Short-term investments 721 27 2 $ 1,568 $ 461 $ 12

Inventories

Inventories	12 Months Ended
	Dec. 31, 2021
Inventories [Abstract]
Inventories	Inventories Accounting policies Inventories are valued at the lower of cost and net realizable value, with cost determined on an average cost basis. The cost of finished goods inventories includes direct material, direct labour, and an allocation of overhead. Supporting information Currency remeasurement Currency 2021 2020 January 1, 2020 Manufactured products $ 448 $ 270 $ 263 Logs and other raw materials 403 189 173 Processing materials and supplies 210 119 125 $ 1,061 $ 578 $ 561 Inventories at December 31, 2021 were subject to a valuation reserve of $6 million (December 31, 2020 - $2 million; January 1, 2020 - $30 million) to reflect net realizable value being lower than cost. The carrying amount of inventory recorded at net realizable value was $42 million at December 31, 2021 (December 31, 2020 - $21 million; January 1, 2020 - $140 million), with the remaining inventory recorded at cost.

Property, plant and equipment

Property, plant and equipment	12 Months Ended
	Dec. 31, 2021
Property, plant and equipment [abstract]
Property, plant and equipment	Property, plant and equipment Accounting policies Property, plant and equipment are recorded at historical cost, less accumulated amortization and impairment losses. Expenditures for additions and improvements are capitalized. Borrowing costs are capitalized when the asset construction period exceeds 12 months and the borrowing costs are directly attributable to the asset. Expenditures for maintenance and repairs are charged to earnings. Upon retirement, disposal, or destruction of an asset, the cost and related amortization are derecognized and any resulting gain or loss is included in earnings. Property, plant and equipment are amortized on a straight-line basis over their estimated useful lives as follows: Buildings 10 - 30 years Manufacturing plant, equipment and machinery 6 - 25 years Fixtures, mobile and other equipment 2 - 10 years Roads and bridges Not exceeding 40 years Major maintenance shutdowns 1 - 2 years Construction-in-progress includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for its intended use. Construction-in-progress is not depreciated. Once the asset is complete and available for use, the construction-in-progress balance is transferred to the appropriate category of property, plant and equipment, and depreciation commences. Supporting Information Manufacturing Construction- Roads Other Total As at January 1, 2020 (currency remeasurement) $ 1,435 $ 141 $ 39 $ 33 $ 1,648 Additions 117 47 10 — 174 Amortization 1 (165) — (13) — (178) Foreign exchange 13 — 1 — 14 Disposals (1) — — — (1) Transfers 50 (50) — — — As at December 31, 2020 (currency remeasurement) $ 1,449 $ 138 $ 37 $ 33 $ 1,657 As at December 31, 2020 (currency remeasurement) Cost $ 3,738 $ 138 $ 132 $ 39 $ 4,047 Accumulated amortization (2,289) — (95) (6) (2,390) Net $ 1,449 $ 138 $ 37 $ 33 $ 1,657 As at December 31, 2020 (currency remeasurement) $ 1,449 $ 138 $ 37 $ 33 $ 1,657 Acquisitions (note 3) 2,163 118 — 20 2,301 Additions 2 472 173 17 3 665 Amortization 1 (497) — (13) — (510) Foreign exchange (8) (1) — — (9) Disposals (4) — — — (4) Transfers 176 (176) — — — As at December 31, 2021 $ 3,751 $ 252 $ 41 $ 56 $ 4,100 As at December 31, 2021 Cost $ 6,500 $ 252 $ 140 $ 62 $ 6,954 Accumulated amortization (2,749) — (99) (6) (2,854) Net $ 3,751 $ 252 $ 41 $ 56 $ 4,100 1. Amortization of $506 million relates to cost of products sold and $4 million relates to selling, general and administration expense (2020 - $175 million and $3 million, respectively). 2. Manufacturing plant, equipment and machinery includes $276 million relating to the acquisition of the idled OSB mill near Allendale, South Carolina.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about intangible assets [abstract]
Timber licences	Timber licences Accounting policies Timber licences, which are renewable or replaceable, are recorded at historical cost, less accumulated amortization and impairment losses. Timber licenses are amortized on a straight-line basis over their estimated useful lives of 40 years. Supporting information Timber licences As at January 1, 2020 (currency remeasurement) $ 380 Amortization 1 (15) Foreign exchange 7 As at December 31, 2020 (currency remeasurement) $ 372 As at December 31, 2020 (currency remeasurement) Cost $ 629 Accumulated amortization (257) Net $ 372 As at December 31, 2020 (currency remeasurement) $ 372 Acquisitions (note 3) 10 Additions 2 Amortization 1 (16) As at December 31, 2021 $ 368 As at December 31, 2021 Cost $ 641 Accumulated amortization (273) Net $ 368 1. Amortization relates to cost of products sold.

Goodwill and other intangibles

Goodwill and other intangibles	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about intangible assets [abstract]
Goodwill and other intangibles	Goodwill and other intangibles Accounting policies Goodwill represents the excess purchase price paid for a business acquisition over the fair value of the net assets acquired. Goodwill is tested annually for impairment, or more frequently if an indicator of impairment is identified. The customer relationship intangible asset relates to the Norbord Acquisition and is amortized straight-line over 10 years. Other intangibles are recorded at historical cost less accumulated amortization and impairments. Other intangibles include software which is amortized over periods of up to five years and non‑replaceable finite term timber rights which are amortized as the related timber volumes are logged. Goodwill is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the business combination from which it arose. The allocation is based on the lowest level at which goodwill is monitored internally. Recoverability of goodwill is assessed by comparing the carrying value of the CGU or group of CGUs associated with the goodwill balance to its estimated recoverable amount, which is the higher of its estimated fair value less costs of disposal or its value in use. An impairment write down is recorded if the carrying value exceeds the estimated recoverable amount. Goodwill impairment losses cannot be reversed. Supporting information Goodwill Customer Relationship Intangible Other Total As at January 1, 2020 (currency remeasurement) $ 554 $ — $ 40 $ 594 Additions — — 2 2 Amortization 1 — — (10) (10) Foreign exchange 5 — — 5 As at December 31, 2020 (currency remeasurement) $ 559 $ — $ 32 $ 591 As at December 31, 2020 (currency remeasurement) Cost $ 559 $ — $ 62 $ 621 Accumulated amortization — — (30) (30) Net $ 559 $ — $ 32 $ 591 As at December 31, 2020 (currency remeasurement) $ 559 $ — $ 32 $ 591 Acquisitions (note 3) 1,417 470 17 1,904 Additions — — 7 7 Amortization 1 — (43) (15) (58) Foreign exchange (1) (1) — (2) Disposals — — (2) (2) As at December 31, 2021 $ 1,975 $ 426 $ 39 $ 2,440 As at December 31, 2021 Cost $ 1,975 $ 469 $ 79 $ 2,523 Accumulated amortization — (43) (40) (83) Net $ 1,975 $ 426 $ 39 $ 2,440 1. Amortization of $1 million relates to cost of products sold and $57 million relates to selling, general and administration expense (2020 - $2 million and $8 million, respectively). Goodwill For the purposes of impairment testing, goodwill has been allocated to the following CGU groups: Currency remeasurement Currency remeasurement 2021 2020 January 1, 2020 Canadian lumber $ 171 $ 171 $ 167 US lumber 429 352 352 North America EWP 1 1,280 36 35 Europe EWP 95 — — Total $ 1,975 $ 559 $ 554 1. Prior to the Norbord Acquisition, the goodwill balances related to a CGU group comprised of our plywood and LVL operations. The recoverable amounts of the above CGU groups were determined based on their value in use. Cash flow forecasts were based on internal estimates for 2022 and estimated mid-cycle earnings for subsequent years. Key assumptions include production volume, product pricing, raw material input cost, production cost, and discount rate. Key assumptions were determined using external sources and historical data from internal sources. Specifically, product pricing has been estimated by reference to average historical prices as well as third-party analyst projections of long-term product pricing. Pre-tax discount rates used ranged from 11.3% to 13.1%.

Other assets

Other assets	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Other assets	Other assets Currency Currency 2021 2020 January 1, 2020 Retirement assets (note 13) $ 27 $ 5 $ 4 Other 31 30 16 $ 58 $ 35 $ 20

Payables and accrued liabilitie

Payables and accrued liabilities	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Payables and accrued liabilities	Payables and accrued liabilities Currency Currency 2021 2020 January 1, 2020 Trade accounts $ 411 $ 198 $ 160 Accruals on capital spending 52 15 19 Customer rebates accruals 51 3 5 Equity-based compensation (note 15) 69 52 25 Compensation 172 61 42 Export duties (note 25) 11 13 14 Dividends 21 11 11 Interest 4 4 4 Lease obligation - current portion 11 2 — Accrued sales and city taxes 26 10 8 Other 20 20 17 $ 848 $ 389 $ 305

Other liabilities

Other liabilities	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Other liabilities	Other liabilities Currency remeasurement Currency remeasurement 2021 2020 January 1, 2020 Retirement liabilities (note 13) $ 168 $ 295 $ 242 Long-term portion of reforestation 59 58 57 Long-term portion of decommissioning 25 24 24 Export duties (note 25) 69 — — Interest swap contracts (note 12) 1 6 2 Other 38 25 25 $ 360 $ 408 $ 350 Reforestation and decommissioning obligations 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. Accounting policies Reforestation obligations are measured at the present value of the expenditures expected to be 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. The reforestation obligation is reviewed at least annually, and changes to estimates are credited or charged to earnings. We record a liability for decommissioning obligations, such as landfill closures, in the period a reasonable estimate can be made. The liability is determined using estimated closure 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. Decommissioning obligations are reviewed annually and 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 and decommissioning obligations are discounted at the risk-free rate at the balance sheet date and accreted over time through periodic charges to earnings. The liabilities are reduced by actual costs of settlement. Supporting information Reforestation Decommissioning Currency Currency 2021 2020 2021 2020 Beginning of year $ 88 $ 88 $ 28 $ 24 Norbord Acquisition (note 3) 5 — — — Liabilities recognized 39 40 — 2 Liabilities settled (49) (43) (1) (2) Change in estimates 14 1 5 4 Foreign exchange — 2 1 — End of year 97 88 33 28 Less: current portion (38) (30) (8) (4) $ 59 $ 58 $ 25 $ 24 The total undiscounted amount of the estimated cash flows required to satisfy these obligations is $133 million (December 31, 2020 - $119 million; January 1, 2020 - $122 million). The cash flows have been discounted using interest rates ranging from 0.95% to 1.25% (2020 - 0.20% to 0.39%). The timing of the reforestation payments is based on the estimated period required to attain free to grow status in a given area, 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.

Operating loans and long-term d

Operating loans and long-term debt	12 Months Ended
	Dec. 31, 2021
Long-Term Debt [Abstract]
Operating loans and long-term debt	Operating loans and long-term debt Accounting policies Transaction costs related to debt financing or refinancing are deferred and amortized over the life of the associated debt. When our operating loan is undrawn, the related deferred financing costs are recorded in other assets. Supporting information Operating loans On February 1, 2021, concurrent with the closing of the Norbord Acquisition, we completed various administrative amendments to our CAD$850 million committed revolving credit facility and our US$200 million term loan. The CAD$150 million committed revolving credit facility was also replaced with a US$450 million committed revolving credit facility due April 2024 on substantially the same terms. On July 28, 2021, we completed an amendment to our revolving credit facilities. Our CAD$850 million and US$450 million revolving credit facilities were combined into a single US$1 billion committed revolving credit facility with a five-year term. There were no other significant changes to the terms or conditions of the credit facilities. As at December 31, 2021, our credit facilities consisted of a $1 billion committed revolving credit facility which matures July 2026, a $25 million demand line of credit dedicated to our U.S. operations and a $6 million (CAD$8 million) demand line of credit dedicated to our jointly‑owned newsprint operation. As at December 31, 2021, our revolving credit facilities were undrawn (December 31, 2020 - undrawn) and the associated deferred financing costs of $1 million (December 31, 2020 - $2 million) were recorded in other assets. Interest on the facilities is payable at floating rates based on Prime, Base Rate Advances, Bankers’ Acceptances, or London Inter-Bank Offered Rate (“LIBOR”) Advances at our option. At January 1, 2020, $288 million (net of deferred financing costs of $2 million) was drawn under our revolving credit facilities. In addition, we have credit facilities totalling $137 million (December 31, 2020 - $101 million; January 1, 2020 - $69 million) dedicated to letters of credit. Letters of credit in the amount of $65 million (December 31, 2020 - $50 million; January 1, 2020 - $47 million) were supported by these facilities. All debt is unsecured except the $6 million (CAD$8 million) jointly-owned newsprint operation demand line of credit, which is secured by that joint operation’s current assets. As at December 31, 2021, we were in compliance with the requirements of our credit facilities. Long-term debt Currency Currency 2021 2020 January 1, 2020 Senior notes due October 2024; interest at 4.35% $ 300 $ 300 $ 300 Term loan due August 2024; floating interest rate 200 200 200 Note payable due March 2021; interest at 2% — 7 7 Notes payable 1 2 3 501 509 510 Less: deferred financing costs (2) (2) (3) Less: current portion — (7) (7) $ 499 $ 500 $ 500 As part of the Norbord Acquisition, we assumed Norbord’s $315 million senior notes due April 2023 (the “2023 Notes”), bearing interest at 6.25% and $350 million senior notes due July 2027 (the “2027 Notes”), bearing interest at 5.75%. The purchase price fair value adjustment resulted in an increase of $55 million for these notes. On March 2, 2021, we made a mandatory change of control offer for 2023 Notes and 2027 Notes, which expired on April 1, 2021. As a result of the change of control offer, $1 million of the 2023 Notes and $1 million of the 2027 Notes were redeemed and were repaid in the second quarter of 2021. On April 6, 2021, we elected to redeem the remaining 2027 Notes, which redemption occurred on May 6, 2021. On May 6, 2021, we elected to redeem the remaining 2023 Notes, which redemption occurred on June 7, 2021. After the completion of the redemptions of the 2023 Notes and the 2027 Notes, the principal value of long-term debt was reduced by $665 million from the date of the Norbord Acquisition. An additional make-whole premium of $60 million was paid on redemption resulting in a $5 million loss on settlement of the debt recorded within finance expense as the carrying value of $720 million was derecognized. Required principal repayments are disclosed in note 22. Interest rate swap contracts At December 31, 2021, we had interest rate swap contracts to pay fixed interest rates (weighted average interest rate of 1.14%) and receive variable interest rates equal to 3-month LIBOR on $200 million notional principal amount of indebtedness. These interest rate swap agreements fix the interest rate on the $200 million term loan floating rate debt disclosed in the long-term debt table above. These agreements terminate in August 2024. The interest rate swap contracts are accounted for as a derivative, with the related changes in the fair value included in Other. The fair value of the interest rate swap contracts at December 31, 2021 was a liability of $1 million (December 31,

Retirement benefits

Retirement benefits	12 Months Ended
	Dec. 31, 2021
Employee Benefits [Abstract]
Retirement benefits	Retirement benefits We maintain defined benefit and defined contribution pension plans covering most of our employees. The defined benefit plans generally do not require employee contributions and provide a guaranteed level of pension payable for life based either on length of service or on earnings and length of service, and in most cases do not increase after commencement of retirement. We also provide group life insurance, medical and extended health benefits to certain employee groups. The defined benefit pension plans are operated in Canada, the U.S., and Europe under broadly similar regulatory frameworks. The majority are funded arrangements where benefit payments are made from plan assets that are held in trust. Responsibility for the governance of the plans, including investment and contribution decisions, resides with our Retirement Committees which report to the Human Resources & Compensation Committee of the Board of Directors. For the registered defined benefit pension plans, regulations set minimum requirements for contributions for benefit accruals and the funding of deficits. Starting January 1, 2022, defined benefit pension plans for certain employee groups were closed to new entrants and were replaced by a defined contribution scheme. Accounting policies We record a retirement asset or liability for our employee defined benefit pension and other retirement benefit plans by netting our plan assets with our plan obligations, on a plan-by-plan basis. The cost of defined benefit pensions and other retirement benefits earned by employees is actuarially determined using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using market yields from high quality corporate bonds with cash flows that approximate expected benefit payments at the balance sheet date. Plan assets are valued at fair value at each balance sheet date. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity through other comprehensive earnings in the period in which they arise. Past service costs arising from plan amendments are recognized immediately. The finance amount on net retirement balances is classified as finance expense. A gain or loss on settlement is recognized in earnings, calculated as the difference between the present value of the defined benefit obligation being settled, as determined on the date of settlement, and the settlement amount. For defined contribution plans, pension expense is the amount of contributions we are required to make in respect of services rendered by employees. Supporting information The actual return on plan assets for 2021 was a gain of $132 million (2020 - $69 million). The total pension expense for the defined benefit pension plans was $89 million (2020 - $68 million). In 2021, we made contributions to our defined benefit pension plans of $46 million (2020 - $35 million). We expect to make cash contributions of approximately $47 million to our defined benefit pension plans during 2022 based on the most recent valuation report for each pension plan. We also provide group life insurance, medical and extended health benefits to certain employee groups, for which we contributed $1 million in 2021 (2020 - $1 million). In 2021, we entered into annuity purchase agreements to settle $215 million of our defined benefit obligations by purchasing annuities using our plan assets. These agreements transferred the pension obligations of retired employees under certain pension plans to financial institutions. The difference between the cost of the annuity purchase and the liabilities held for these pension plans was reflected as a settlement cost in Other. The status of the defined benefit pension plans and other retirement benefit plans, in aggregate, is as follows: Defined benefit Other retirement Currency Currency 2021 2020 2021 2020 Accrued benefit obligations Benefit obligations - opening $ 1,443 $ 1,277 $ 28 $ 27 Norbord Acquisition (note 3) 165 — 1 — Service cost 68 59 — — Finance cost on obligation 43 38 1 1 Benefits paid (54) (38) (1) (1) Actuarial (gain) loss due to change in financial assumptions (101) 47 (2) 1 Actuarial (gain) loss due to demography/experience (2) (1) (4) — Settlement (215) 1 — — Foreign exchange 1 8 60 — — Benefit obligations - ending $ 1,355 $ 1,443 $ 23 $ 28 Plan assets Plan assets - opening $ 1,181 $ 1,067 $ — $ — Norbord Acquisition (note 3) 155 — — — Finance income on plan assets 36 31 — — Actual return on plan assets, net of finance income 96 38 — — Employer contributions 46 35 1 1 Benefits paid (54) (38) (1) (1) Settlement (227) — — — Other (3) — — — Foreign exchange 1 9 48 — — Plan assets - ending $ 1,239 $ 1,181 $ — $ — Funded status 2 Retirement assets $ 29 $ 5 $ — $ — Impact of minimum funding requirement 3 (2) — — — Retirement assets (note 9) $ 27 $ 5 $ — $ — Retirement liabilities (note 11) (145) (267) (23) (28) $ (118) $ (262) $ (23) $ (28) 1. Foreign currency translation relates to the foreign exchange impact of translating assets and liabilities of certain plans from their functional currencies 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 the consolidated balance sheets. Other retirement benefit plans continue to be unfunded. 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 Other retirement Currency remeasurement Currency remeasurement 2021 2020 2021 2020 Expense Service cost $ 68 $ 59 $ — $ — Administration fees 2 1 — — Settlement 12 1 — — Net finance expense 7 7 1 1 $ 89 $ 68 $ 1 $ 1 Assumptions and sensitivities At December 31, 2021, the weighted average duration of the defined benefit pension obligations is 20 years (December 31, 2020 - 19 years). The projected future benefit payments for the defined benefit pension plans at December 31, 2021 are as follows: 2022 2023 2024 to 2026 Thereafter Total Defined benefit pension plans $ 40 $ 39 $ 130 $ 2,159 $ 2,368 Key assumptions used in determining defined benefit pension and other retirement pension benefit obligations include assumed rates of increase for future employee compensation and discount rates. These estimates are determined with the assistance of independent actuarial specialists. 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 Other retirement 2021 2020 2021 2020 Benefit obligations: Discount rate 3.03% 2.69% 3.08% 2.70% Future compensation rate increase 3.60% 3.65% n/a n/a Benefit expense: Discount rate - beginning of year 2.69% 3.00% 2.70% 3.00% Future compensation rate increase 3.65% 3.50% n/a n/a Health-care benefit costs, shown under other retirement benefit plans, are funded on a pay-as-you-go basis. The actuarial assumptions for extended health-care costs are estimated to increase 6.25% in year one, grading down by 0.25% per year for years two to seven, to 4.50% per year thereafter. The impact of a change in these assumptions on our retirement obligations as at December 31, 2021 is as follows: Increase Decrease Discount rate - 0.50% change $ (123) $ 140 Compensation rate - 0.50% change $ 27 $ (22) The sensitivities have been calculated on the basis that all other variables remain constant. When calculating the sensitivity of the defined benefit obligation, the same methodology is applied as was used to determine the retirement assets and liabilities. Plan Assets The assets of the defined benefit pension plans are invested predominantly in a diversified range of equities, pooled funds and bonds. The weighted average asset allocations of the defined benefit plans at December 31, by asset category, are as follows: Target range 2021 2020 Canadian equities 2% - 30% 16% 22% Foreign equities 15% - 57% 39% 38% Fixed income investments 20% - 55% 33% 33% Other investments 0% - 34% 12% 7% 100% 100% Risk management practices We are exposed to various risks related to our defined benefit pension and other retirement benefit plans: • Uncertainty in benefit payments: The value of the liability for retirement benefits will ultimately depend on the amount of benefits paid and this in turn will depend on the level of future compensation increase and life expectancy. • Volatility in asset value: We are exposed to changes in the market value of pension plan investments which are required to fund future benefit payments. • Uncertainty in cash funding: Movement in the value of the assets and obligations may result in increased levels of cash funding, although changes in the level of cash funding required can be spread over several years. We are also exposed to changes in pension regulation and legislation. Our Retirement Committees manage these risks in accordance with a Statement of Investment Policies and Procedures for each pension plan or group of plans administered under master trust agreements. The following are some specific risk management practices employed: • Retaining and monitoring professional advisors including an outsourced chief investment officer (“OCIO”). • Monitoring our OCIO’s adherence to asset allocation guidelines and permitted categories of investments. • Monitoring investment decisions and performance of the OCIO and asset performance against benchmarks. Defined contribution plans The total pension expense and funding contributions for the defined contribution pension plans for 2021 was $29 million (2020 - $13 million).

Share capital

Share capital	12 Months Ended
	Dec. 31, 2021
Share capital [Abstract]
Share capital	Share capital Authorized 400,000,000 Common shares, without par value 20,000,000 Class B Common shares, without par value 10,000,000 Preferred shares, issuable in series, without par value Issued 2021 2020 January 1, 2020 Currency Currency Number Amount Number Amount Number Amount Common 103,647,256 $ 3,402 66,397,144 $ 481 66,381,289 $ 480 Class B Common 2,281,478 — 2,281,478 — 2,281,478 — Total Common 105,928,734 $ 3,402 68,678,622 $ 481 68,662,767 $ 480 As part of the Norbord Acquisition, we issued 54,484,188 Common shares of West Fraser at a price of US$63.90 per share (CAD$81.94 per share) for $3,482 million. The price per share was based on the West Fraser Common shares’ closing price as listed on the TSX on January 29, 2021, and a CAD-USD exchange rate of 0.7798. For the year ended December 31, 2021, we issued 131,452 Common shares under our share option plans (2020 - 1,000 Common shares) and 2,946 Common shares under our employee share purchase plan (2020 - 14,855 Common shares). Rights and restrictions of Common shares Our Class B Common shares are equal in all respects to our Common shares, including the right to dividends and the right to vote, and are exchangeable on a one-for-one basis for Common shares. Our Common shares are listed for trading on the TSX and NYSE, while our Class B Common shares are not. Certain circumstances or corporate transactions may require the approval of the holders of our Common shares and Class B Common shares on a separate class by class basis. On February 1, 2021, West Fraser listed its Common shares on the NYSE and began trading under the symbol WFG. At the same time, the symbol on the TSX was also changed to WFG. Share repurchases On February 17, 2021, we renewed our normal course issuer bid (“NCIB”) allowing us to acquire an additional 6,044,000 Common shares for cancellation until the expiry of the bid on February 16, 2022. On June 11, 2021, we amended our NCIB, allowing us to acquire an additional 3,538,470 Common shares for an aggregate of 9,582,470 Common shares. For the year ended December 31, 2021, we repurchased 7,059,196 Common shares at an average price of US$74.60 (CAD$92.79) per share under this NCIB. On August 20, 2021, we completed a substantial issuer bid pursuant to which we purchased for cancellation a total of 10,309,278 common shares at a price of CAD$97.00 (US$76.84) per Common share for an aggregate purchase price of CAD$1.0 billion.

Equity-based compensation

Equity-based compensation	12 Months Ended
	Dec. 31, 2021
Share-Based Payment Arrangements [Abstract]
Equity-based compensation	Equity-based compensation We have share option, phantom share unit (“PSU”) and directors’ deferred share unit (“DSU”) plans. We have partially hedged our exposure under these plans with an equity derivative contract. The equity derivative contract matured in December 2021 and was closed out. The equity-based compensation expense included in the consolidated statement of earnings for the year ended December 31, 2021 was $40 million (2020 - $9 million). Accounting policies We estimate the fair value of outstanding share options using the Black-Scholes valuation model and the fair value of our PSU plan and directors’ DSU plan using an intrinsic valuation model at each balance sheet date. We record the resulting expense or recovery, over the related vesting period, through a charge or recovery to earnings. From time to time, we enter into equity derivative contracts to provide a partial offset to our exposure to fluctuations in equity-based compensation from our stock option, PSU and DSU plans. These derivatives are fair valued at each balance sheet date using an intrinsic valuation model and the resulting expense or recovery is offset against the related equity-based compensation. If a share option holder elects to acquire Common shares, both the exercise price and the accrued liability are credited to shareholders’ equity. Supporting information Share option plan Under our share option plan, officers and employees may be granted options to purchase up to 8,295,940 Common shares, of which 1,025,337 remain available for issuance. This includes the 1,000,000 increase in Common shares that may be issued on the exercise of options that was approved by our shareholders on January 19, 2021. Our share option plans include equity-based plans assumed from Norbord as part of the Norbord Acquisition. The assumed Norbord share purchase option plans (“Assumed Option Plans”) were fair valued at the Norbord Acquisition date. From February 1 to April 20, 2021, the Assumed Option Plans were accounted for as equity-settled plans. On April 20, 2021, our board of directors approved a change to allow the Assumed Option Plans holders the right to elect to receive a cash payment in lieu of exercising an option to purchase Common shares. The change required us to fair value the Assumed Option Plan on April 20, 2021 and convert from equity-based accounting to cash-settled accounting for the Assumed Option Plans. Cash-settled accounting is consistent with the West Fraser option plan. Any changes in fair value from April 20, 2021 onwards resulted in an expense or recovery over the vesting period in the same manner as the rest of our option plans. This change to the Assumed Option Plans did not in any way affect the value of the instruments to the holders. No additional options may be offered under the Assumed Option Plans. The exercise price of a share option is the closing price of a Common share on the trading day immediately preceding the grant date. Our share option plans give the share option holders the right to elect to receive a cash payment in lieu of exercising an option to purchase Common shares. Options vest at the earlier of the date of retirement or death and 20% per year from the grant date and expire after 10 years. The Assumed Option Plans are similar except the options do not vest upon retirement and instead continue to vest at 20% per year. In 2021, we have recorded an expense of $47 million (2020 – expense of $20 million) related to the share option plans. The liability associated with the share option plan is tracked in Canadian dollars and is based on prices published by the TSX. A summary of the activity in the share option plans based on Canadian dollar prices is presented below: 2021 2020 Number Weighted average price Number Weighted average price (CAD$) (CAD$) Outstanding - beginning of year 1,316,994 $ 53.64 1,211,137 $ 51.78 Assumed in Norbord Acquisition (note 3) 887,961 51.85 — — Granted 171,975 92.79 160,410 64.53 Exercised (1,284,284) 46.43 (49,689) 43.45 Expired / Cancelled (14,806) 92.79 (4,864) 55.74 Outstanding - end of year 1,077,840 $ 66.64 1,316,994 $ 53.64 Exercisable - end of year 563,102 $ 61.50 991,119 $ 49.58 The following table summarizes information about the share options outstanding and exercisable at December 31, 2021 in Canadian dollars: Exercise price range Number of outstanding options Weighted average remaining contractual life Weighted average exercise price Number of exercisable options Weighted average exercise price (CAD$) (number) (years) (CAD$) (number) (CAD$) $32.00 - $45.00 105,391 3.7 $ 40.86 105,391 $ 40.86 $46.00 - $60.00 344,640 6.0 54.18 200,703 53.90 $61.00 - $75.00 373,454 6.6 68.97 173,956 70.99 $76.00 - $93.00 254,355 8.0 89.97 83,052 86.21 1,077,840 6.4 $ 66.64 563,102 $ 61.50 The weighted average share price at the date of exercise for share options exercised during the year was CAD$100.85 per share (2020 - CAD$69.73 per share). The accrued liability related to the share option plan based on a Black-Scholes valuation model was $44 million at December 31, 2021 (December 31, 2020 - $37 million; January 1, 2020 - $17 million). The weighted average fair value of the options used in the calculation was CAD$52.29 per option at December 31, 2021 (December 31, 2020 - CAD$35.74 per option). The inputs to the option model are as follows: 2021 2020 Share price on balance sheet date CAD$120.68 CAD$81.72 Weighted average exercise price CAD$66.64 CAD$53.64 Expected dividend CAD$1.01 CAD$0.80 Expected volatility 42.94 % 44.52 % Weighted average interest rate 1.11 % 0.26 % Weighted average expected remaining life in years 6.44 2.81 The expected dividend on our shares was based on the annualized dividend rate at each period end. Expected volatility was based on five years of historical data. The interest rate for the life of the options was based on the implied yield available on government bonds with an equivalent remaining term at each period-end. Historical data was used to estimate the expected life of the options and forfeiture rates. The intrinsic value of options issued under the share option plan at December 31, 2021 was CAD$33 million (December 31, 2020 - CAD$37 million; January 1, 2020 - CAD$14 million). The intrinsic value is determined based on the difference between the period end share price and the exercise price, multiplied by the sum of the related vested options. Phantom share unit plan Our PSU plan is intended to supplement, in whole or in part, or replace the granting of share options as long-term incentives for officers and employees. The plan provides for two types of units which vest on the third anniversary of the grant date. A restricted share unit pays out based on the Common share price over the 20 trading days immediately preceding its vesting date (the “vesting date value”). A performance share unit pays out at a value between 0% and 200% of its vesting date value contingent upon our performance relative to a peer group of companies over the three-year performance period. Officers and employees granted units under the plan are also entitled to additional units to reflect cash dividends paid on Common shares from the applicable grant date until payout. We have recorded an expense of $11 million (2020 - $5 million) related to the PSU plan. The number of units outstanding as at December 31, 2021 was 169,385 (December 31, 2020 – 111,262), including performance share units totalling 90,813 (December 31, 2020 – 81,825). Directors’ deferred share unit plan We have a DSU plan which provides a structure for directors, who are not employees of the Company, to accumulate an equity-like holding in West Fraser. The DSU plan allows directors to participate in the growth of West Fraser by providing a deferred payment based on the five-day weighted average Common share price at the time of redemption. Each director receives deferred share units in payment of an annual equity retainer until a minimum equity holding is reached and may elect to receive units in payment of up to 100% of other fees earned. After a minimum equity holding is reached, directors may elect to receive the equity retainer in units or cash. The units are issued based on our five-day weighted average Common share price at the time of issue. Additional units are issued to take into account the value of dividends paid on Common shares from the date of issue to the date of redemption. Units are redeemable only after a director retires, resigns or otherwise leaves the board. The redemption value is equal to the five-day weighted average Common share price at the date of redemption. A holder of units may elect to redeem units in cash or receive Common shares having an equivalent value. We have recorded an expense of $5 million (2020 - $2 million) related to the DSU plan. The number of units outstanding as at December 31, 2021 was 92,120 (December 31, 2020 - 87,294).

Finance expense, net

Finance expense, net	12 Months Ended
	Dec. 31, 2021
Analysis of income and expense [abstract]
Finance expense, net	Finance expense, net Currency 2021 2020 Interest expense $ (48) $ (32) Interest income on short-term investments (note 4) 2 1 Interest income on duty deposits receivable (note 25) 9 13 Finance expense on employee future benefits (8) (9) $ (45) $ (27)

Other

Other	12 Months Ended
	Dec. 31, 2021
Analysis of income and expense [abstract]
Other	Other Currency remeasurement 2021 2020 Foreign exchange loss $ (5) $ (4) Settlement loss on defined benefit pension plan annuity purchase (note 13) (12) — Gain (loss) on interest rate swap contracts (note 12) 6 (4) Other 9 (6) $ (2) $ (14)

Tax provision

Tax provision	12 Months Ended
	Dec. 31, 2021
Disclosure of Income Tax [Abstract]
Tax provision	Tax provision Accounting policies Tax expense for the period is comprised of current and deferred tax. Tax expense is recognized in the consolidated statement of earnings, except to the extent that it relates to items recognized in other comprehensive earnings in which case it is recognized in other comprehensive earnings. Deferred taxes are provided for using the liability method. Under this method, deferred taxes are recognized for temporary differences between the tax and financial statement basis of assets, liabilities and certain carry-forward items. Deferred tax assets are recognized only to the extent that it is probable that they will be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of substantive enactment. Supporting information The major components of income tax included in comprehensive earnings are as follows: Currency 2021 2020 Earnings: Current tax $ (977) $ (134) Deferred tax 26 (68) Tax provision on earnings $ (951) $ (202) Other comprehensive earnings: Deferred tax (provision) recovery on retirement benefit actuarial gain (loss) $ (52) $ 2 Tax provision on comprehensive earnings $ (1,003) $ (200) The tax provision differs from the amount that would have resulted from applying the B.C. statutory income tax rate to earnings before tax is as follows: Currency 2021 2020 Income tax expense at statutory rate of 27% $ (1,052) $ (213) Non-taxable amounts (4) (5) Rate differentials between jurisdictions and on specified activities 116 21 Other (11) (5) Tax provision $ (951) $ (202) Deferred income tax liabilities (assets) are made up of the following components: Currency Currency 2021 2020 January 1, 2020 Property, plant, equipment and intangibles $ 781 $ 347 $ 309 Reforestation and decommissioning obligations (30) (28) (26) Employee benefits (64) (87) (67) Export duty deposits 44 46 15 Tax loss carry-forwards 1 (10) (14) (41) Other (17) (9) (3) $ 704 $ 255 $ 187 Represented by: Deferred income tax assets $ (8) $ (9) $ (8) Deferred income tax liabilities 712 264 195 $ 704 $ 255 $ 187 1. Includes $68 million for net operating loss carry-forwards in various jurisdictions and $409 million for U.S. state net operating loss carry-forwards. A portion of these losses expire over various periods starting in 2022. Deferred tax assets for net operating losses and other carry-forward attributes totaling $75 million have not be recognized as at December 31, 2021.

Employee compensation

Employee compensation	12 Months Ended
	Dec. 31, 2021
Analysis of income and expense [abstract]
Employee compensation	Employee compensationOur employee compensation expense includes salaries and wages, employee future benefits, termination costs and bonuses. Total compensation expense is $1,070 million (2020 - $699 million). Key management includes directors and officers, and their compensation expense and balance sheet date payables are as follows: Currency 2021 2020 Expense Salary and short-term employee benefits $ 17 $ 7 Retirement benefits 2 1 Equity-based compensation 1 36 17 $ 55 $ 25 1. Amounts do not necessarily represent the actual value which will ultimately be paid. Currency Currency 2021 2020 January 1, 2020 Payables and accrued liabilities Compensation $ 7 $ 3 $ — Equity-based compensation 1 46 32 16 $ 53 $ 35 $ 16 1. Amounts do not necessarily represent the actual value which will ultimately be paid.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share1 [Abstract]
Earnings per share	Earnings per share Basic earnings per share is calculated based on earnings available to Common shareholders, as set out below, using the weighted average number of Common shares and Class B Common shares outstanding. Diluted earnings per share is calculated based on earnings available to Common shareholders adjusted to remove the actual share option expense (recovery) charged to earnings and after deducting a notional charge for share option expense assuming the use of the equity‑settled method, as set out below. The diluted weighted average number of shares is calculated using the treasury stock method. When earnings available to Common shareholders for diluted earnings per share are greater than earnings available to Common shareholders for basic earnings per share, the calculation is anti‑dilutive and diluted earnings per share are deemed to be the same as basic earnings per share. Currency 2021 2020 Earnings Basic $ 2,947 $ 588 Share option expense 47 20 Equity-settled share option adjustment (5) (2) Diluted $ 2,989 $ 606 Weighted average number of shares (thousands) Basic 109,021 68,672 Share options 539 191 Diluted 109,560 68,863 Earnings per share (dollars) Basic $ 27.03 $ 8.56 Diluted $ 27.03 $ 8.56

Government assistance

Government assistance	12 Months Ended
	Dec. 31, 2021
Disclosure Of Government Grants [Abstract]
Government assistance	Government assistance Accounting policies Government assistance received that relates to the construction of manufacturing assets is applied to reduce the cost of those assets. Government assistance received that relates to operational expenses is applied to reduce the amount charged to earnings for the operating item. Government assistance is recognized when there is reasonable assurance that the amount will be collected and that all the conditions will be complied with. Supporting information Government assistance of $5 million (2020 - $3 million) was recorded as a reduction to property, plant and equipment. Government assistance of $8 million (2020 - $5 million) was recorded as a reduction to cost of products sold and $7 million (2020 - nil) to Other. The government assistance related primarily to research and development, apprenticeship tax credits, renewable heat incentives and a U.S. federal new market tax credit.

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Instruments1 [Abstract]
Financial instruments	Financial instruments Accounting policies All financial assets and liabilities, except for derivatives, are initially measured at fair value and subsequently measured at amortized cost using the effective interest rate method. Derivatives are measured at fair value through profit or loss (“FVTPL”). Supporting information The following tables provide the carrying and fair values of our financial instruments by category, as well as the associated fair value hierarchy levels as defined in note 2 under “Fair value measurements”. The carrying amount is a reasonable approximation of fair value for cash and short-term investments, receivables, and payables and accrued liabilities. The carrying values of long-term debt include any current portions and exclude deferred financing costs. 2021 Level Financial assets at amortized cost Financial assets or financial liabilities at FVTPL Financial liabilities at amortized cost Carrying value Fair value Financial assets Cash and short-term investments 2 $ 1,568 $ — $ — $ 1,568 $ 1,568 Receivables 3 508 — — 508 508 $ 2,076 $ — $ — $ 2,076 $ 2,076 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 848 $ 848 $ 848 Long-term debt (note 12) 1 2 — — 501 501 513 Interest rate swaps (note 11 & 12) 2 2 — 1 — 1 1 $ — $ 1 $ 1,349 $ 1,350 $ 1,362 1. The fair value of long-term debt is based on rates available to us at December 31, 2021 for long-term debt with similar terms and remaining maturities. 2. The interest rate swap contracts are included in other liabilities in our consolidated balance sheets. 2020 (currency remeasurement) Level Financial assets at amortized cost Financial assets or financial liabilities at FVTPL Financial liabilities at amortized cost Carrying value Fair value Financial assets Cash and short-term investments 2 $ 461 $ — $ — $ 461 $ 461 Receivables 3 277 — — 277 277 $ 738 $ — $ — $ 738 $ 738 Financial liabilities Payables and accrued liabilities 1 3 $ — $ 2 $ 387 $ 389 $ 389 Long-term debt (note 12) 2 2 — — 509 509 524 Interest rate swaps (note 11 & 12) 3 2 — 6 — 6 6 $ — $ 8 $ 896 $ 904 $ 919 1. Payables and accrued liabilities include our equity derivative payable of $2 million 2. The fair value of long-term debt is based on rates available to us at December 31, 2020 for long-term debt with similar terms and remaining maturities. 3. The interest rate swap contracts are included in other liabilities in our consolidated balance sheets. January 1, 2020 (currency remeasurement) Level Financial assets at amortized cost Financial assets or financial liabilities at FVTPL Financial liabilities at amortized cost Carrying value Fair value Financial assets Cash and short-term investments 2 $ 12 $ — $ — $ 12 $ 12 Receivables 1 3 197 2 — 199 199 $ 209 $ 2 $ — $ 211 $ 211 Financial liabilities Cheques issued in excess of funds on deposit 2 $ — $ — $ 12 $ 12 $ 12 Operating loans 2 — — 290 290 290 Payables and accrued liabilities 3 — — 305 305 305 Long-term debt (note 12) 2 2 — — 510 510 521 Interest rate swaps (note 11 & 12) 3 2 — 2 — 2 2 $ — $ 2 $ 1,117 $ 1,119 $ 1,130 1. Receivables include our equity derivative receivable of $2 million. 2. The fair value of long-term debt is based on rates available to us at January 1, 2020 for long-term debt with similar terms and remaining maturities. 3. The interest rate swap contracts are included in other liabilities in our consolidated balance sheets. Financial risk management Our activities result in exposure to a variety of financial risks, and the main objectives of our risk management process are to ensure risks are properly identified and analyzed and establish appropriate risk limits and controls. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and our activities. We are exposed to credit risk, liquidity risk and market risk. A description of these risks and policies for managing these risks are summarized below. The sensitivities provided in this section give the effect of possible changes in the relevant prices and rates on earnings. The sensitivities are hypothetical and should not be considered to be predictive of future performance or earnings. Changes in fair values or cash flows based on market variable fluctuations cannot be extrapolated since the relationship between the change in the market variable and the change in fair value or cash flows may not be linear. Credit risk Credit risk is the risk of financial loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations. We are exposed to credit risk with respect to cash and short-term investments and accounts receivable from our customers. The carrying amounts of these accounts represent the maximum credit exposure. We manage credit risk by holding cash and short-term investments with major banks of high creditworthiness. Credit risk for trade and other receivables is managed through established credit monitoring activities such as: • Establishing and monitoring customer credit limits; • Performing ongoing evaluations of key customer financial conditions; and • In certain market areas, undertaking additional measures to reduce credit risk including credit insurance, letters of credit and prepayments. At December 31, 2021, approximately 35% of trade accounts receivable was covered by at least some of these additional measures. (December 31, 2020 - 24%, January 1, 2020 - 40%). Given our credit monitoring activities, the low percentage of overdue accounts and our history of minimal customer defaults, we consider the credit quality of the trade accounts receivable at December 31, 2021 to be high and have recorded nominal expected credit losses on our trade accounts receivable. The aging analysis of trade accounts receivable is presented below: Currency remeasurement Currency remeasurement 2021 2020 January 1, Trade accounts receivable Current $ 403 $ 220 $ 150 Past due 1 to 30 days 30 22 9 Past due 31 to 60 days 3 1 — Past due over 60 days 5 1 — Trade accounts receivable $ 441 $ 244 $ 159 Insurance receivable 6 — 9 Government assistance 1 5 5 Sales taxes receivable 28 11 8 Other 32 17 18 Receivables $ 508 $ 277 $ 199 Liquidity risk Liquidity risk is the risk we will encounter difficulty in meeting obligations associated with financial liabilities. We manage liquidity risk by maintaining adequate cash and short-term investment balances and having lines of credit available. In addition, we regularly monitor forecasted and actual cash flows. Refinancing risks are managed by extending maturities through regular renewals and refinancing when market conditions are supportive. The following table summarizes the maturity profile of our financial liabilities based on contractual undiscounted payments: (at December 31, 2021, in $ millions) Carrying value Total 2022 2023 2024 2025 Thereafter Long-term debt $ 499 $ 501 $ — $ — $ 501 $ — $ — Interest on long-term debt 1 — 52 19 19 14 — — Lease obligations 28 29 11 6 5 2 5 Payables and accrued liabilities 848 848 848 — — — — Total $ 1,375 $ 1,430 $ 878 $ 25 $ 520 $ 2 $ 5 1. Assumes debt remains at December 31, 2021 levels and includes the impact of interest rate swaps terminating August 2024. Market risk Market risk is the risk of loss that might arise from changes in market factors such as interest rates, foreign exchange rates, and commodity prices. We aim to manage market risk acceptable parameters and may, from time to time, use derivatives to manage market risk. No energy related derivatives, lumber futures, or foreign exchange contracts were outstanding at December 31, 2021 or 2020. Interest rates Interest rate risk relates mainly to floating interest rate debt. By maintaining a mix of fixed and floating rate debt along with interest rate swap contracts, we mitigate the exposure to interest rate changes. As at December 31, 2021, we had the following floating rate financial instruments: Financial instrument Carrying Term loan $ 199 Interest rate swap contracts $ 1 We maintain a five-year term $200 million term loan due August 2024 where the interest on the facilities is payable at floating rates based on Prime, Base Rate Advances, Bankers’ Acceptances or LIBOR Advances at our option. We also have interest rate swap agreements terminating August 2024 to pay fixed interest rates and receive variable interest rates equal to 3-month LIBOR on $200 million notional principal amount of indebtedness. These swap agreements fix the interest rate on the $200 million five-year term loan floating rate debt. At December 31, 2021, the impact of a 100-basis point change in interest rate affecting our floating rate debt would not result in a change in annual interest expense. We initially adopted Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) (“The Phase 2 Amendments”) effective January 1, 2021. The Phase 2 Amendments provide practical relief from certain requirements in IFRS Standards relating to the modification of financial instruments, lease contracts, or hedging relationships triggered by a replacement of a benchmark interest rate in a contract with a new alternative benchmark rate. At December 31, 2021, these amendments did not affect our financial statements as we have not yet transitioned any agreements that are exposed to LIBOR or to an alternative benchmark interest rate. The above financial instruments are based on LIBOR settings that are currently scheduled to cease publication after June 30, 2023. We are working with the lenders associated with the term loan and the counterparties associated with the interest rate swap to assess the potential alternatives to the use of LIBOR. We will continue to monitor developments on alternative benchmark interest rates and expect to transition to alternative rates as widespread market practice is established. Currency risk On February 1, 2021, West Fraser determined that as a result of the Norbord Acquisition, the functional currency of our Canadian operations had changed from CAD to USD. We are exposed to foreign currency risk because our Canadian operations incur a portion of their operating expenses in Canadian dollars. Therefore, an increase in the value of the CAD relative to the USD increases the value of expenses in USD terms incurred by our Canadian operations, which reduces operating margin and the cash flow available to fund operations. In addition, foreign currency exposure arises from our net investment in our European operations, which have British pound sterling and Euro functional currencies, and our Canadian newsprint operation, which has a Canadian dollar functional currency. The risk arises from the fluctuation in spot rates between these currencies and the U.S. dollar, which causes the amount of the net investment to vary with the resulting translation gains or losses being reported in other comprehensive earnings. The following table summarizes quantitative data about our exposure to currency risk: 2021 Net Canadian dollar monetary asset (liability) CAD millions $ (665) Net investment in newsprint operations CAD millions 46 Net investment in European operations GBP millions 308 Net investment in European operations EUR millions 45 A $0.01 strengthening (weakening) of the USD against the CAD would increase (decrease) the earnings by approximately $3 million. A $0.01 strengthening (weakening) of the USD against the CAD, British pound and Euro would result in an approximate $6 million translation loss (gain) on operations with different functional currency included in other comprehensive earnings. These sensitivities assume that all other variables remain constant and ignores any impact of forecast sales and purchases.

Capital disclosures

Capital disclosures	12 Months Ended
	Dec. 31, 2021
Disclosure of Objectives, Policies and Processes for Managing Capital1 [Abstract]
Capital disclosures	Capital disclosures Our business is cyclical and is subject to significant changes in cash flow over the business cycle. In addition, financial performance can be materially influenced by changes in product prices and the relative values of the Canadian and U.S. dollars. Our objective in managing capital is to ensure adequate liquidity and financial flexibility at all times, particularly at the bottom of the business cycle. Our main policy relating to capital management is to maintain a strong balance sheet and otherwise meet financial tests that rating agencies commonly apply for investment-grade issuers of public debt. Our debt is currently rated as investment-grade by three major rating agencies. We monitor and assess our financial performance to ensure that debt levels are prudent, taking into account the anticipated direction of the business cycle. When financing acquisitions, we combine cash on hand, debt, and equity financing in a proportion that is intended to maintain an investment-grade rating for debt throughout the cycle. Debt repayments are arranged, where possible, on a staggered basis that takes into account the uneven nature of anticipated cash flows. We have established committed revolving lines of credit that provide liquidity and flexibility when capital markets are restricted. A strong balance sheet and liquidity profile are key elements of our goal to maintain a balanced capital allocation strategy. Priorities within this strategy include reinvesting in our operations across all market cycles to strategically enhance productivity, product mix, and capacity; maintain a leading cost position; maintain financial flexibility to capitalize on growth opportunities, including the pursuit of acquisitions and larger-scale strategic growth initiatives; and return capital to shareholders through dividends and share repurchases. Two key measurements used to monitor our capital position is total debt to total capital and net debt to total capital, calculated as follows at December 31: Currency Currency 2021 2020 January 1, 2020 Debt Operating loans, excluding deferred financing costs $ — $ — $ 290 Current and long-term lease obligation 28 6 8 Long-term debt, excluding deferred financing costs 501 509 510 Interest rate swaps 1 1 6 2 Open letters of credit 1 65 50 47 Total debt 595 571 857 Shareholders’ equity 7,656 2,478 1,905 Total capital 8,251 3,049 2,762 Total debt to total capital 7% 19% 31% Total debt 595 571 857 Cash and short-term investments (1,568) (461) (12) Open letters of credit 1 (65) (50) (47) Interest rate swaps 1 (1) (6) (2) Cheques issued in excess of funds on deposit — — 12 Net debt $ (1,039) $ 54 $ 808 Shareholders’ equity $ 7,656 $ 2,478 $ 1,905 Total capital, net of cash 6,617 2,532 2,713 Net debt to total capital (16%) 2% 30% 1. Letters of credit facilities and the fair value of interest rate swaps are part of our bank covenants’ total debt calculation.

Segment and geographical inform

Segment and geographical information	12 Months Ended
	Dec. 31, 2021
Operating Segments [Abstract]
Segment and geographical information	Segment and geographical informationThe segmentation of manufacturing operations into lumber, NA EWP, pulp and paper and Europe EWP is based on a number of factors, including similarities in products, production processes and economic characteristics. The EWP segments have been separated due to differences in the operating region, customer base, profit margins and sales volumes. Transactions between segments are at market prices and on standard business terms. The segments follow the accounting policies described in these consolidated financial statement notes, where applicable, and earnings before tax has been identified as the measure of segment profit and loss. January 1, 2021 to December 31, 2021 Lumber NA EWP Pulp & Paper Europe EWP Corporate & Other Total Sales To external customers $ 4,804 $ 4,264 $ 727 $ 723 $ — $ 10,518 To other segments 106 9 — — (115) — $ 4,910 $ 4,273 $ 727 $ 723 $ (115) $ 10,518 Cost of products sold (2,241) (1,521) (541) (457) 115 (4,645) Freight and other distribution costs (404) (262) (137) (43) — (846) Export duties, net (146) — — — — (146) Amortization (164) (289) (34) (88) (9) (584) Selling, general and administration (146) (76) (34) (22) (34) (312) Equity-based compensation — — — — (40) (40) Operating earnings $ 1,809 $ 2,125 $ (19) $ 113 $ (83) $ 3,945 Finance expense, net (17) (3) (5) (1) (19) (45) Other 2 (1) 2 — (5) (2) Earnings before tax $ 1,794 $ 2,121 $ (22) $ 112 $ (107) $ 3,898 Total assets $ 3,557 $ 4,154 $ 448 $ 953 $ 1,321 $ 10,433 Total liabilities $ 668 $ 552 $ 99 $ 223 $ 1,235 $ 2,777 Capital expenditures 1 $ 146 $ 424 $ 35 $ 28 $ 2 $ 635 1. NA EWP capital expenditures includes $276 million relating to the asset acquisition of the idled OSB mill near Allendale, South Carolina. January 1, 2020 to December 31, 2020 (currency remeasurement) Lumber NA EWP Pulp & Paper Europe EWP Corporate & Other Total Sales To external customers $ 3,258 $ 467 $ 648 $ — $ — $ 4,373 To other segments 98 7 — — (105) — $ 3,356 $ 474 $ 648 $ — $ (105) $ 4,373 Cost of products sold (1,871) (303) (490) — 105 (2,559) Freight and other distribution costs (361) (42) (126) — — (529) Export duties, net (57) — — — — (57) Amortization (151) (13) (31) — (8) (203) Selling, general and administration (128) (22) (33) — (2) (185) Equity-based compensation — — — — (9) (9) Operating earnings $ 788 $ 94 $ (32) $ — $ (19) $ 831 Finance expense, net (17) (4) (6) — — (27) Other (2) 5 (8) — (9) (14) Earnings before tax $ 769 $ 95 $ (46) $ — $ (28) $ 790 Total assets $ 3,138 $ 249 $ 432 $ — $ 359 $ 4,178 Total liabilities $ 520 $ 45 $ 130 $ — $ 1,005 $ 1,700 Capital expenditures $ 149 $ 10 $ 19 $ — $ 2 $ 180 The geographic distribution of non-current assets and external sales is as follows: Non-current assets Sales by geographic area 1 Currency Currency Currency 2021 2020 January 1, 2020 2021 2020 Canada $ 3,825 $ 1,654 $ 1,577 $ 1,682 $ 853 United States 2,838 1,188 1,134 7,286 2,860 China — — — 465 467 Other Asia — — — 341 174 Europe 2,3 553 — — 737 17 Other — — — 7 2 $ 7,216 $ 2,842 $ 2,711 $ 10,518 $ 4,373 1. Sales distribution is based on the location of product delivery. 2. 2021 non-current assets balance includes non-current assets located in the U.K. and Belgium. 3. Sales balances includes sales to the U.K.

Countervailing ("CVD") and anti

Countervailing ("CVD") and antidumping ("ADD") duty dispute	12 Months Ended
	Dec. 31, 2021
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Countervailing ("CVD") and antidumping ("ADD") duty dispute	Countervailing (“CVD”) and antidumping (“ADD”) duty dispute On November 25, 2016, a coalition of U.S. lumber producers petitioned the U.S. Department of Commerce (“USDOC”) and the U.S. International Trade Commission (“USITC”) to investigate alleged subsidies to Canadian softwood lumber producers and levy CVD and ADD duties against Canadian softwood lumber imports. The USDOC chose us as a “mandatory respondent” to both the countervailing and antidumping investigations, and as a result, we have received unique company-specific rates. Accounting policy The CVD and ADD rates apply retroactively for each POI. We record CVD as export duty expense at the cash deposit rate until an AR finalizes a new applicable rate for each period of investigation (“POI”). We record ADD as export duty expense by estimating the rate to be applied for each POI by using our actual results and a similar calculation methodology as the USDOC and adjust when an AR finalizes a new applicable rate for each POI. The difference between the cash deposits and export duty expense is recorded on our balance sheet as export duty deposits receivable or other liabilities as applicable, along with any adjustments to finalized rates. The difference between the cash deposit amount and the amount that would have been due based on the final AR rate will incur interest based on the U.S. federally published interest rate. We record interest income on our duty deposits receivable, net of any interest expense on our duty deposits payable, based on this rate. Developments in CVD and ADD rates We began paying CVD and ADD duties in 2017 based on the USDOC’s determination of duties payable. The CVD and ADD cash deposit rates are updated based on the USDOC’s AR for each POI, as summarized in the tables below. Following year-end, the USDOC amended the CVD cash deposit rate for ministerial errors from 5.06% to 5.08%, effective January 10, 2022. The USDOC finalized the CVD and ADD duty expense rates for the AR1 and AR2 POIs in 2020 and 2021 respectively, as summarized in the tables below. Finalization of administrative reviews relating to active POIs are expected approximately two years after the POI in question. AR3 (POI January 1 to December 31, 2020) commenced in April 2021, and the rates are expected to be finalized in August 2022. AR4 (POI January 1 to December 31, 2021) is expected to commence in 2022 with the results finalized in 2023. We have been selected as a mandatory respondent for AR3, which will result in West Fraser continuing to be subject to a company-specific rate. On January 31, 2022, the USDOC released the preliminary results from AR3 POI covering the 2020 calendar year, which indicated a rate of 8.46% for CVD and 4.63% for ADD for West Fraser. The duty rates are subject to an appeal process, and we will record an adjustment once the rates are finalized. If the AR3 rates were to be confirmed, it would result in a U.S. dollar recovery of $43 million for the POI covered by AR3. This adjustment would be in addition to the amounts already recorded on our balance sheet. If these rates are finalized, our combined cash deposit rate would be revised to 13.09%. The respective Cash Deposit Rates, the AR POI Final Rate, and the West Fraser Estimated ADD Rate for each period are as follows: Effective dates for CVD Cash Deposit AR POI Final Rate AR1 POI April 28, 2017 - August 24, 2017 1 24.12 % 6.76 % 3 August 25, 2017 - December 27, 2017 1 — — December 28, 2017 - December 31, 2017 2 17.99 % 6.76 % 3 January 1, 2018 - December 31, 2018 17.99 % 7.57 % 3 AR2 POI January 1, 2019 - December 31, 2019 17.99 % 5.08 % 5 AR3 POI January 1, 2020 - November 30, 2020 17.99 % n/a 6 December 1, 2020 - December 31, 2020 4 7.57 % n/a 6 AR4 POI January 1, 2021 - December 1, 2021 7.57 % n/a 7 December 2, 2021 - December 31, 2021 8 5.06 % n/a 7 1. On April 24, 2017, the USDOC issued its preliminary rate in the CVD investigation. The requirement that we make cash deposits for CVD was suspended on August 24, 2017, until the USDOC published the Revised Rate. 2. On December 4, 2017, the USDOC revised our CVD Cash Deposit Rate effective December 28, 2017. 3. On February 3, 2020, the USDOC issued a preliminary CVD rate and, on November 24, 2020, a final CVD rate for the AR1 POI. This table only reflects the final rate. 4. On November 24, 2020, the USDOC revised our CVD Cash Deposit Rate effective December 1, 2020. 5. On May 20, 2021, the USDOC issued a preliminary CVD rate and, on November 24, 2021, a final CVD rate for the AR2 POI. Following year-end, the USDOC amended the final CVD rate for the AR2 POI from 5.06% to 5.08% for ministerial errors. This table only reflects the final rate. 6. The CVD rate for the AR3 POI will be adjusted when AR3 is complete, and the USDOC finalizes the rate, which is not expected until 2022. 7. The CVD rate for the AR4 POI will be adjusted when AR4 is complete, and the USDOC finalizes the rate, which is not expected until 2023. 8. On November 24, 2021, the USDOC revised our CVD Cash Deposit Rate effective December 2, 2021. Following year-end, the USDOC amended the CVD cash deposit rate for ministerial errors from 5.06% to 5.08%, effective January 10, 2022. Effective dates for ADD Cash Deposit AR POI Final West Fraser AR1 POI June 30, 2017 - December 3, 2017 1 6.76 % 1.40 % 3 1.46 % December 4, 2017 - December 31, 2017 2 5.57 % 1.40 % 3 1.46 % January 1, 2018 - December 31, 2018 5.57 % 1.40 % 3 1.46 % AR2 POI January 1, 2019 - December 31, 2019 5.57 % 6.06 % 5 4.65 % AR3 POI January 1, 2020 - November 29, 2020 5.57 % n/a 6 3.40 % November 30, 2020 - December 31, 2020 4 1.40 % n/a 6 3.40 % AR4 POI January 1, 2021 - December 1, 2021 1.40 % n/a 7 6.80 % December 2, 2021 - December 31, 2021 8 6.06 % n/a 7 6.80 % 1. On June 26, 2017, the USDOC issued its preliminary rate in the ADD investigation effective June 30, 2017. 2. On December 4, 2017, the USDOC revised our ADD Cash Deposit Rate effective December 4, 2017. 3. On February 3, 2020, the USDOC issued a preliminary ADD Rate and, on November 24, 2020, a final ADD rate for the AR1 POI. This table only reflects the final rate. 4. On November 24, 2020, the USDOC revised our ADD Cash Deposit Rate effective November 30, 2020 5. On May 20, 2021, the USDOC issued a preliminary ADD rate and, on November 24, 2021, a final ADD rate for the AR2 POI. This table only reflects the final rate. 6. The ADD rate for the AR3 POI will be adjusted when AR3 is complete, and the USDOC finalizes the rate, which is not expected until 2022. 7. The ADD rate for the AR4 POI will be adjusted when AR4 is complete, and the USDOC finalizes the rate, which is not expected until 2023. 8. On November 24, 2021, the USDOC revised our ADD Cash Deposit Rate effective December 2, 2021. Impact on results The following table reconciles our cash deposits paid during the period to the amount recorded in our earnings statement: Currency remeasurement ($ millions) 2021 2020 Cash deposits paid 1 $ (132) $ (161) Adjust to West Fraser Estimated ADD rate 2 (69) 9 Effective duty expense for period 3 (201) (152) Duty recovery attributable to AR1 4 — 95 Duty recovery attributable to AR2 5 55 — Duty expense (146) (57) Interest income on duty deposits attributable to West Fraser Estimated rate adjustments 2 2 Interest income on the AR1 and AR2 duty deposits receivable 7 11 Interest income on duty deposits $ 9 $ 13 1. Represents combined CVD and ADD cash deposit rate of 23.56% from January 1 to November 29, 2020, 19.39% on November 30, 2020, 8.97% from December 1, 2020 to December 1, 2021, and 11.12% from December 2 to December 31, 2021. 2. Represents adjustment to West Fraser Estimated ADD rate of 6.80% for 2021 and 3.40% for 2020. 3. The total represents the combined CVD cash deposit rate and West Fraser Estimated ADD rate of 21.39% from January 1 to November 30, 2020, 10.97% from December 1 to December 31, 2020, 14.37% for January 1 to December 1, 2021, and 11.86% for December 2 to December 31, 2021. 4. $95 million represents the duty recovery attributable to the finalization of AR1 duty rates for the 2017 and 2018 POI. 5. $55 million represents the duty recovery attributable to the finalization of AR2 duty rates for the 2019 POI. As of December 31, 2021, export duties paid and payable on deposit with the USDOC were $662 million. Impact on balance sheet Each POI is subject to independent administrative review by the USDOC, and the results of each POI may not be offset. Export duty deposits receivable is represented by: Currency remeasurement Export duty deposits receivable 2021 2020 Beginning of year $ 178 $ 61 Export duties recognized as duty deposits receivable 55 104 Interest recognized on duty deposits receivable 9 13 End of year $ 242 $ 178 For AR4, we have recorded a duty payable related to ADD for the difference between the Cash Deposit Rate and our West Fraser Estimated Rate of 6.80%. Export duties payable is represented by: Export duties payable 2021 Beginning of year $ — Export duties payable related to AR4 (69) End of year $ (69) Appeals On May 22, 2020, the North American Free Trade Agreement (“NAFTA”) panel issued its final decision on “Injury”. The NAFTA panel rejected the Canadian parties’ arguments and upheld the USITC remand determination in its entirety. On August 28, 2020, the World Trade Organization’s (“WTO”) dispute-resolution panel ruled unanimously that U.S. countervailing duties against Canadian softwood lumber are inconsistent with the WTO obligations of the United States. The decision confirmed that Canada does not subsidize its softwood lumber industry. On September 28, 2020, the U.S. announced that it would appeal the WTO panel’s decision. The softwood lumber case will continue to be subject to NAFTA or the new Canada-United States-Mexico Agreement (“CUSMA”) and WTO dispute resolution processes, and litigation in the U.S. In the past, long periods of litigation have led to negotiated settlements and duty deposit refunds. In the interim, duties remain subject to the USDOC AR process, which results in an annual adjustment of duty deposit rates. Notwithstanding the deposit rates assigned under the investigations, our final liability for CVD and ADD will not be determined until each annual administrative review process is complete and related appeal processes are concluded.

Basis of presentation (Policies

Basis of presentation (Policies)	12 Months Ended
	Dec. 31, 2021
Basis of Presentation [Abstract]
Basis of presentation	Basis of presentationThese consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) and were approved by our Board of Directors on February 15, 2022.Our consolidated financial statements have been prepared under the historical cost basis, except for certain items as discussed in the applicable accounting policies.
Change in functional and reporting currency	Change in functional and reporting currency Determination of functional currency may involve certain judgments to determine the primary economic environment. We reconsider the functional currency of our entities if there is a change in events and conditions which determine the primary economic environment. We have determined that, as a result of the acquisition of Norbord Inc. (the “Norbord Acquisition”), the functional currency of our Canadian operations has changed from Canadian dollars (“CAD” or “CAD$”) to United States dollars (“USD” or “US$”). We considered a variety of factors when making this decision, the most significant being an increase in the level of sales made in USD, a portion of operating expenses being incurred in USD, and increased levels of USD financing. Concurrent with the change in functional currency, we also changed our reporting currency from CAD to USD. This change in reporting currency is to better reflect our business activities, following the increased presence in the U.S. as a result of the Norbord Acquisition and in connection with the listing of West Fraser’s common shares on the NYSE on February 1, 2021. A change in functional currency is applied prospectively and must be based on a change in economic facts, events and conditions. In contrast, a change in reporting currency requires retroactive restatement. Both changes have specific transition rules under IAS 21, The Effects of Changes in Foreign Exchange Rates (“IAS 21”) . As at and for the year ended December 31, 2020 and all prior periods, our functional and reporting currency was CAD as described in our audited annual consolidated financial statements. The currency remeasurement of our results applied the IAS 21 transitional rules. To prepare our December 31, 2020 and January 1, 2020 consolidated balance sheets, all assets and liabilities were translated into USD at the closing exchange rate on December 31, 2020 and December 31, 2019 respectively, as listed below. Equity items were retroactively restated at historical exchange rates to give effect to the change in reporting currency. The accounting policy used to translate the equity items prior to 2020 was to use the annual average exchange rate for each equity transaction that occurred in the year. For 2020, equity items were translated quarterly using the average exchange rate for each quarter. To prepare our 2020 consolidated statement of earnings, all revenues and expenses were translated into USD at the average exchange rate for each quarter, with no adjustments to the measurement of or accounting for previously reported results. To prepare our 2020 consolidated statement of cash flow, all items were translated into USD at the average exchange rate for each quarter, with no adjustments to the measurement of or accounting for previously reported results.
Basis of consolidation	Basis of consolidation These consolidated financial statements include the accounts of West Fraser and its wholly-owned subsidiaries after the elimination of intercompany transactions and balances. Our material subsidiaries are West Fraser Mills Ltd. and Norbord Inc. Our 50%-owned joint operations, Alberta Newsprint Company and Cariboo Pulp & Paper Company, are accounted for by recognizing our share of the assets, liabilities, revenues, and expenses related to these joint operations.
Use of estimates and judgments	Use of estimates and judgments The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual amounts could differ materially from these and other estimates, the impact of which would be recorded in future periods. Management is also required to exercise judgment in the process of applying accounting policies. Information about the significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes: • Note 2 – Determination of functional currency • Note 3 – Fair value of PPE and intangible assets acquired in business combinations • Note 5 – Valuation of inventories • Note 6 – Recoverability of PPE • Note 6 – Estimated useful lives of PPE • Note 8 – Recoverability of goodwill • Note 11 – Reforestation and decommissioning obligations • Note 13 – Defined benefit pension plans • Note 15 – Equity-based compensation • Note 18 – Income taxes • Note 25 – CVD and ADD duty dispute
Revenue recognition	Revenue recognition Revenue is derived primarily from product sales and is recognized when a customer obtains control over the goods. The timing of transfer of control to customers varies depending on individual terms of the sales contract. For most of our sales, control is obtained by the customer when the product is loaded on a common carrier at our mill. Some of our revenue is recognized when the product is delivered to the customer or when it is loaded on an ocean carrier. The amount of revenue recognized is net of our estimate for early payment discounts and volume rebates. Revenue includes charges for freight and handling. The costs related to these revenues are recorded in freight and other distribution costs.
Foreign currency translation effective from February 1, 2021	Foreign currency translation effective from February 1, 2021 The consolidated financial statements are presented in USD, which was determined to be the functional currency of our U.S. operations, and the majority of our Canadian operations. For these entities, all transactions not denominated in our U.S. functional currency are considered to be foreign currency transactions. Foreign currency-denominated monetary assets and liabilities are translated using the rate of exchange prevailing at the reporting date. Gains or losses on translation of these items are included in earnings and reported as Other. Foreign currency denominated non-monetary assets and liabilities, measured at historic cost, are translated at the rate of exchange at the transaction date. Our European operations have British pound sterling and Euro functional currencies and our Canadian newsprint operation has a Canadian dollar functional currency. Assets and liabilities of these entities are translated at the rate of exchange prevailing at the reporting date, and revenues and expenses at average rates during the period. Gains or losses on translation are included as a component of shareholders’ equity in accumulated other comprehensive earnings.
Impairment of long-lived assets	Impairment of capital assets We assess property, plant and equipment, timber licences, and other definite-lived intangibles for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment testing is applied to individual assets or cash generating units (“CGUs”), the smallest group of assets that generates cash inflows that are largely independent of the cash inflows of other assets or groups of assets. We have identified each of our mills as a CGU for impairment testing unless there is economic interdependence of CGUs, in which case they are grouped for impairment testing. When a triggering event is identified, recoverability of long-lived assets is assessed by comparing the carrying amount of the asset or CGU to the estimated recoverable amount, which is the higher of its estimated fair value less costs of disposal or its value in use. Fair value less costs of disposal is determined by ascertaining the price that would be received to sell an asset in an orderly transaction between market participants under current market conditions, less incremental costs directly attributable to the disposal. Value in use is determined by measuring the pre-tax cash flows expected to be generated from the asset over its estimated useful life discounted by a pre-tax discount rate. Where an impairment loss for long‑lived assets subsequently reverses, the carrying amount of the asset or CGU is increased to the lesser of the revised estimate of its recoverable amount and the carrying amount that would have been recorded had no impairment loss been previously recognized.
Fair value measurements	Fair value measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. Fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurement are observable and the significance of the inputs. Our fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are: Level 1 Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 Values based on inputs other than quoted prices that are observable for the asset or liability, directly or indirectly. Level 3 Values based on valuation techniques that require inputs which are both unobservable and significant to the overall fair value measurement.
Accounting standards, amendments and interpretations issued but not yet applied	Accounting standards, amendments and interpretations issued but not yet applied There are no standards or amendments or interpretations to existing standards issued but not yet effective which are expected to have a material impact on our consolidated financial statements.
Business combination	Accounting policies Business combinations are accounted for using the acquisition method. We measure goodwill at the acquisition date as the fair value of the consideration transferred less the fair value of the identifiable assets acquired and liabilities assumed. The determination of the fair value of the assets acquired and liabilities assumed requires management to use estimates that contain uncertainty and critical judgments. Transaction costs in connection with business combinations are expensed as incurred. Valuation techniques utilized We engaged a valuations expert to assist with the determination of estimated fair value for acquired working capital, property, plant and equipment, and intangible assets. We applied the market comparison technique and cost technique in determining the fair value of acquired property, plant, and equipment. We considered market prices for similar assets when they were available, and depreciated replacement cost in other circumstances. Depreciated replacement cost reflects adjustments for physical deterioration as well as functional and economic obsolescence. The key assumptions used in the estimation of depreciated replacement cost are the asset’s estimated replacement cost at the time of acquisition and estimated useful life. We applied the multi-period excess earnings method in determining the fair value of the customer relationship intangible recognized in the Norbord Acquisition. The multi-period excess earnings method considers the present value of incremental after-tax cash flows expected to be generated by the customer relationship after deducting contributory asset charges. The key assumptions used in applying the valuation technique include: the forecasted revenues relating to Norbord’s existing customers at the time of acquisition, the forecasted attrition rates relating to these customers, forecasted operating margins, and the discount rate. Balances that required significant fair value adjustments for purchase price accounting included inventory, property, plant and equipment, and customer relationship intangibles. The resulting goodwill and deferred income tax liabilities were also significant. Factors contributing to goodwill include the Norbord workforce and assets that are geographically complementary to our existing facilities and offer close access to large markets and timber baskets. The Norbord Acquisition also provides increased scale and geographic diversification of manufacturing and markets. The goodwill of $1,339 million is not deductible for tax purposes. Purchase consideration is preliminary as at December 31, 2021, subject to finalization of certain post-close working capital adjustments. Our valuation of property, plant and equipment and intangibles remains preliminary as at December 31, 2021. Factors contributing to goodwill include the Angelina workforce and assets that are geographically complementary to our existing facilities and offer close access to large markets and timber baskets. The goodwill of $78 million is deductible for tax purposes. We have incorporated the mill into our Lumber segment. Acquisition costs were nominal and have been expensed in selling, general, and administration. Financial Results The following tables represent the actual results of Norbord and Angelina included in our statement of earnings and the proforma results of operations for the year ended December 31, 2021. The proforma results assume the Norbord Acquisition and the Angelina Acquisition occurred on January 1, 2021, and that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition occurred on January 1, 2021. Results Attributable to Acquired Businesses ($ millions) Norbord Results for February 1 to December 31, 2021 1,3 Angelina Results for December 1 to December 31, 2021 2,3 Total Sales $ 4,175 $ 15 $ 4,190 Operating earnings 1,915 1 1,916 Earnings 1,427 1 1,428 1. Represents the results of the Norbord operations since the acquisition date that are included in our results. 2. Represents the results of the Angelina operations since the acquisition date that are included in our results. 3. Operating earnings and earnings Include purchase price accounting impacts of $93 million expense and $2 million expense for the one-time inventory adjustments in cost of products sold relating to the Norbord Acquisition and Angelina Acquisition, respectively. Proforma 2021 Results ($ millions) West Fraser Actual Results 2 2021 Norbord Proforma Results 1 Jan-21 Angelina Proforma Results 1 Jan-21 to Nov-21 West Fraser Proforma Results 1,2 2021 Sales $ 10,518 $ 277 $ 163 $ 10,958 Operating earnings 3,945 115 61 4,121 Earnings 2,947 86 57 3,090 1. These unaudited proforma results have been provided as required per IFRS 3 - Business Combinations . West Fraser proforma YTD-21 presents West Fraser’s results as if the Norbord Acquisition and Angelina Acquisition were completed on January 1, 2021. 2. Operating earnings and earnings include purchase price accounting impacts of $93 million expense and $2 million expense for the one-time inventory adjustments in cost of products sold relating to the Norbord Acquisition and Angelina Acquisition, respectively.
Cash and short-term investments	Cash and short‑term investments consist of cash on deposit and short‑term interest-bearing securities maturing within three months of the date of purchase.
Inventories	Inventories are valued at the lower of cost and net realizable value, with cost determined on an average cost basis. The cost of finished goods inventories includes direct material, direct labour, and an allocation of overhead.
Property, plant and equipment	Property, plant and equipment are recorded at historical cost, less accumulated amortization and impairment losses. Expenditures for additions and improvements are capitalized. Borrowing costs are capitalized when the asset construction period exceeds 12 months and the borrowing costs are directly attributable to the asset. Expenditures for maintenance and repairs are charged to earnings. Upon retirement, disposal, or destruction of an asset, the cost and related amortization are derecognized and any resulting gain or loss is included in earnings. Property, plant and equipment are amortized on a straight-line basis over their estimated useful lives as follows: Buildings 10 - 30 years Manufacturing plant, equipment and machinery 6 - 25 years Fixtures, mobile and other equipment 2 - 10 years Roads and bridges Not exceeding 40 years Major maintenance shutdowns 1 - 2 years
Timber licences and other intangibles	Timber licences, which are renewable or replaceable, are recorded at historical cost, less accumulated amortization and impairment losses. Timber licenses are amortized on a straight-line basis over their estimated useful lives of 40 years.
Goodwill	Goodwill represents the excess purchase price paid for a business acquisition over the fair value of the net assets acquired. Goodwill is tested annually for impairment, or more frequently if an indicator of impairment is identified. The customer relationship intangible asset relates to the Norbord Acquisition and is amortized straight-line over 10 years. Other intangibles are recorded at historical cost less accumulated amortization and impairments. Other intangibles include software which is amortized over periods of up to five years and non‑replaceable finite term timber rights which are amortized as the related timber volumes are logged. Goodwill is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the business combination from which it arose. The allocation is based on the lowest level at which goodwill is monitored internally. Recoverability of goodwill is assessed by comparing the carrying value of the CGU or group of CGUs associated with the goodwill balance to its estimated recoverable amount, which is the higher of its estimated fair value less costs of disposal or its value in use. An impairment write down is recorded if the carrying value exceeds the estimated recoverable amount. Goodwill impairment losses cannot be reversed.
Reforestation and decommissioning obligations	Reforestation obligations are measured at the present value of the expenditures expected to be 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. The reforestation obligation is reviewed at least annually, and changes to estimates are credited or charged to earnings. We record a liability for decommissioning obligations, such as landfill closures, in the period a reasonable estimate can be made. The liability is determined using estimated closure 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. Decommissioning obligations are reviewed annually and 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 and decommissioning obligations are discounted at the risk-free rate at the balance sheet date and accreted over time through periodic charges to earnings. The liabilities are reduced by actual costs of settlement.
Transaction costs	Transaction costs related to debt financing or refinancing are deferred and amortized over the life of the associated debt. When our operating loan is undrawn, the related deferred financing costs are recorded in other assets.
Post-retirement benefits	We record a retirement asset or liability for our employee defined benefit pension and other retirement benefit plans by netting our plan assets with our plan obligations, on a plan-by-plan basis. The cost of defined benefit pensions and other retirement benefits earned by employees is actuarially determined using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using market yields from high quality corporate bonds with cash flows that approximate expected benefit payments at the balance sheet date. Plan assets are valued at fair value at each balance sheet date. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity through other comprehensive earnings in the period in which they arise. Past service costs arising from plan amendments are recognized immediately. The finance amount on net retirement balances is classified as finance expense. A gain or loss on settlement is recognized in earnings, calculated as the difference between the present value of the defined benefit obligation being settled, as determined on the date of settlement, and the settlement amount. For defined contribution plans, pension expense is the amount of contributions we are required to make in respect of services rendered by employees.
Equity-based compensation	We estimate the fair value of outstanding share options using the Black-Scholes valuation model and the fair value of our PSU plan and directors’ DSU plan using an intrinsic valuation model at each balance sheet date. We record the resulting expense or recovery, over the related vesting period, through a charge or recovery to earnings. From time to time, we enter into equity derivative contracts to provide a partial offset to our exposure to fluctuations in equity-based compensation from our stock option, PSU and DSU plans. These derivatives are fair valued at each balance sheet date using an intrinsic valuation model and the resulting expense or recovery is offset against the related equity-based compensation. If a share option holder elects to acquire Common shares, both the exercise price and the accrued liability are credited to shareholders’ equity.
Tax provision	Tax expense for the period is comprised of current and deferred tax. Tax expense is recognized in the consolidated statement of earnings, except to the extent that it relates to items recognized in other comprehensive earnings in which case it is recognized in other comprehensive earnings. Deferred taxes are provided for using the liability method. Under this method, deferred taxes are recognized for temporary differences between the tax and financial statement basis of assets, liabilities and certain carry-forward items. Deferred tax assets are recognized only to the extent that it is probable that they will be realized. Deferred income tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of substantive enactment.
Earnings per share	Basic earnings per share is calculated based on earnings available to Common shareholders, as set out below, using the weighted average number of Common shares and Class B Common shares outstanding. Diluted earnings per share is calculated based on earnings available to Common shareholders adjusted to remove the actual share option expense (recovery) charged to earnings and after deducting a notional charge for share option expense assuming the use of the equity‑settled method, as set out below. The diluted weighted average number of shares is calculated using the treasury stock method. When earnings available to Common shareholders for diluted earnings per share are greater than earnings available to Common shareholders for basic earnings per share, the calculation is anti‑dilutive and diluted earnings per share are deemed to be the same as basic earnings per share.
Government assistance	Government assistance received that relates to the construction of manufacturing assets is applied to reduce the cost of those assets. Government assistance received that relates to operational expenses is applied to reduce the amount charged to earnings for the operating item. Government assistance is recognized when there is reasonable assurance that the amount will be collected and that all the conditions will be complied with.
Financial instruments	All financial assets and liabilities, except for derivatives, are initially measured at fair value and subsequently measured at amortized cost using the effective interest rate method. Derivatives are measured at fair value through profit or loss (“FVTPL”).
Countervailing and antidumping duty dispute	The CVD and ADD rates apply retroactively for each POI. We record CVD as export duty expense at the cash deposit rate until an AR finalizes a new applicable rate for each period of investigation (“POI”). We record ADD as export duty expense by estimating the rate to be applied for each POI by using our actual results and a similar calculation methodology as the USDOC and adjust when an AR finalizes a new applicable rate for each POI. The difference between the cash deposits and export duty expense is recorded on our balance sheet as export duty deposits receivable or other liabilities as applicable, along with any adjustments to finalized rates. The difference between the cash deposit amount and the amount that would have been due based on the final AR rate will incur interest based on the U.S. federally published interest rate. We record interest income on our duty deposits receivable, net of any interest expense on our duty deposits payable, based on this rate.

Basis of presentation (Tables)

Basis of presentation (Tables)	12 Months Ended
	Dec. 31, 2021
Basis of Presentation [Abstract]
Schedule of foreign exchange rate	The exchange rates used to reflect the change in reporting currency were as follows: CAD - USD exchange rate Q1-20 Q2-20 Q3-20 Q4-20 Q4-19 Closing rate 0.7049 0.7338 0.7497 0.7854 0.7699 Average rate 0.7443 0.7221 0.7508 0.7676 n/a
Schedule of ownership interest	Our 50%-owned joint operations, Alberta Newsprint Company and Cariboo Pulp & Paper Company, are accounted for by recognizing our share of the assets, liabilities, revenues, and expenses related to these joint operations.

Business acquisitions (Tables)

Business acquisitions (Tables)	12 Months Ended
	Dec. 31, 2021
Business Acquisitions [Abstract]
Schedule of business combination	We have allocated the purchase price based on our estimated fair value of the assets acquired and the liabilities assumed as follows: West Fraser purchase consideration: Fair value of West Fraser shares issued $ 3,482 Fair value of equity-based compensation instruments 24 $ 3,506 Fair value of net assets acquired: Cash and short-term investments $ 642 Accounts receivable 232 Inventories 334 Prepaid expenses 12 Property, plant and equipment 2,088 Timber licenses 10 Other non-current assets 6 Other intangibles 17 Customer relationship intangible 470 Goodwill 1,339 Payables and accrued liabilities (301) Income tax payable (155) Current portion of reforestation and decommissioning obligations (2) Long-term debt (720) Other non-current liabilities (36) Deferred income tax liabilities (430) $ 3,506 West Fraser purchase consideration: Cash consideration 1 $ 310 Preliminary fair value of net assets acquired: Cash $ 8 Accounts receivable 7 Inventories 11 Property, plant and equipment 213 Goodwill 78 Payables and accrued liabilities (7) $ 310 1. A net outflow comprising the cash consideration of $310 million net of cash acquired of $8 million is presented in the consolidated statements of cash flows.
Schedule of detailed information about actual operating results of acquirees	The following tables represent the actual results of Norbord and Angelina included in our statement of earnings and the proforma results of operations for the year ended December 31, 2021. The proforma results assume the Norbord Acquisition and the Angelina Acquisition occurred on January 1, 2021, and that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition occurred on January 1, 2021. Results Attributable to Acquired Businesses ($ millions) Norbord Results for February 1 to December 31, 2021 1,3 Angelina Results for December 1 to December 31, 2021 2,3 Total Sales $ 4,175 $ 15 $ 4,190 Operating earnings 1,915 1 1,916 Earnings 1,427 1 1,428 1. Represents the results of the Norbord operations since the acquisition date that are included in our results. 2. Represents the results of the Angelina operations since the acquisition date that are included in our results. 3. Operating earnings and earnings Include purchase price accounting impacts of $93 million expense and $2 million expense for the one-time inventory adjustments in cost of products sold relating to the Norbord Acquisition and Angelina Acquisition, respectively.
Schedule of detailed information about pro forma operating results of acquirer and acquiree	Proforma 2021 Results ($ millions) West Fraser Actual Results 2 2021 Norbord Proforma Results 1 Jan-21 Angelina Proforma Results 1 Jan-21 to Nov-21 West Fraser Proforma Results 1,2 2021 Sales $ 10,518 $ 277 $ 163 $ 10,958 Operating earnings 3,945 115 61 4,121 Earnings 2,947 86 57 3,090 1. These unaudited proforma results have been provided as required per IFRS 3 - Business Combinations . West Fraser proforma YTD-21 presents West Fraser’s results as if the Norbord Acquisition and Angelina Acquisition were completed on January 1, 2021. 2. Operating earnings and earnings include purchase price accounting impacts of $93 million expense and $2 million expense for the one-time inventory adjustments in cost of products sold relating to the Norbord Acquisition and Angelina Acquisition, respectively.

Cash and Short-term investmen_2

Cash and Short-term investments (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Standards, Amendments and Interpretations Issued but not yet Applied [Abstract]
Disclosure of cash and short-term investments	Currency remeasurement Currency remeasurement 2021 2020 January 1, 2020 Cash $ 847 $ 434 $ 10 Short-term investments 721 27 2 $ 1,568 $ 461 $ 12

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2021
Inventories [Abstract]
Disclosure of inventory	Currency remeasurement Currency 2021 2020 January 1, 2020 Manufactured products $ 448 $ 270 $ 263 Logs and other raw materials 403 189 173 Processing materials and supplies 210 119 125 $ 1,061 $ 578 $ 561

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, plant and equipment [abstract]
Schedule of property, plant and equipment	Property, plant and equipment are amortized on a straight-line basis over their estimated useful lives as follows: Buildings 10 - 30 years Manufacturing plant, equipment and machinery 6 - 25 years Fixtures, mobile and other equipment 2 - 10 years Roads and bridges Not exceeding 40 years Major maintenance shutdowns 1 - 2 years Supporting Information Manufacturing Construction- Roads Other Total As at January 1, 2020 (currency remeasurement) $ 1,435 $ 141 $ 39 $ 33 $ 1,648 Additions 117 47 10 — 174 Amortization 1 (165) — (13) — (178) Foreign exchange 13 — 1 — 14 Disposals (1) — — — (1) Transfers 50 (50) — — — As at December 31, 2020 (currency remeasurement) $ 1,449 $ 138 $ 37 $ 33 $ 1,657 As at December 31, 2020 (currency remeasurement) Cost $ 3,738 $ 138 $ 132 $ 39 $ 4,047 Accumulated amortization (2,289) — (95) (6) (2,390) Net $ 1,449 $ 138 $ 37 $ 33 $ 1,657 As at December 31, 2020 (currency remeasurement) $ 1,449 $ 138 $ 37 $ 33 $ 1,657 Acquisitions (note 3) 2,163 118 — 20 2,301 Additions 2 472 173 17 3 665 Amortization 1 (497) — (13) — (510) Foreign exchange (8) (1) — — (9) Disposals (4) — — — (4) Transfers 176 (176) — — — As at December 31, 2021 $ 3,751 $ 252 $ 41 $ 56 $ 4,100 As at December 31, 2021 Cost $ 6,500 $ 252 $ 140 $ 62 $ 6,954 Accumulated amortization (2,749) — (99) (6) (2,854) Net $ 3,751 $ 252 $ 41 $ 56 $ 4,100 1. Amortization of $506 million relates to cost of products sold and $4 million relates to selling, general and administration expense (2020 - $175 million and $3 million, respectively). 2. Manufacturing plant, equipment and machinery includes $276 million relating to the acquisition of the idled OSB mill near Allendale, South Carolina.

Timber licences (Tables)

Timber licences (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about intangible assets [abstract]
Disclosure of detailed information about intangible assets	Timber licences As at January 1, 2020 (currency remeasurement) $ 380 Amortization 1 (15) Foreign exchange 7 As at December 31, 2020 (currency remeasurement) $ 372 As at December 31, 2020 (currency remeasurement) Cost $ 629 Accumulated amortization (257) Net $ 372 As at December 31, 2020 (currency remeasurement) $ 372 Acquisitions (note 3) 10 Additions 2 Amortization 1 (16) As at December 31, 2021 $ 368 As at December 31, 2021 Cost $ 641 Accumulated amortization (273) Net $ 368 1. Amortization relates to cost of products sold.

Goodwill and other intangibles

Goodwill and other intangibles (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about intangible assets [abstract]
Disclosure of reconciliation of changes in intangible assets and goodwill	Goodwill Customer Relationship Intangible Other Total As at January 1, 2020 (currency remeasurement) $ 554 $ — $ 40 $ 594 Additions — — 2 2 Amortization 1 — — (10) (10) Foreign exchange 5 — — 5 As at December 31, 2020 (currency remeasurement) $ 559 $ — $ 32 $ 591 As at December 31, 2020 (currency remeasurement) Cost $ 559 $ — $ 62 $ 621 Accumulated amortization — — (30) (30) Net $ 559 $ — $ 32 $ 591 As at December 31, 2020 (currency remeasurement) $ 559 $ — $ 32 $ 591 Acquisitions (note 3) 1,417 470 17 1,904 Additions — — 7 7 Amortization 1 — (43) (15) (58) Foreign exchange (1) (1) — (2) Disposals — — (2) (2) As at December 31, 2021 $ 1,975 $ 426 $ 39 $ 2,440 As at December 31, 2021 Cost $ 1,975 $ 469 $ 79 $ 2,523 Accumulated amortization — (43) (40) (83) Net $ 1,975 $ 426 $ 39 $ 2,440 1. Amortization of $1 million relates to cost of products sold and $57 million relates to selling, general and administration expense (2020 - $2 million and $8 million, respectively).
Schedule of Goodwill	For the purposes of impairment testing, goodwill has been allocated to the following CGU groups: Currency remeasurement Currency remeasurement 2021 2020 January 1, 2020 Canadian lumber $ 171 $ 171 $ 167 US lumber 429 352 352 North America EWP 1 1,280 36 35 Europe EWP 95 — — Total $ 1,975 $ 559 $ 554 1. Prior to the Norbord Acquisition, the goodwill balances related to a CGU group comprised of our plywood and LVL operations.

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of other assets	Currency Currency 2021 2020 January 1, 2020 Retirement assets (note 13) $ 27 $ 5 $ 4 Other 31 30 16 $ 58 $ 35 $ 20

Payables and accrued liabilit_2

Payables and accrued liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Distribution of Assets, Liabilities and Stockholders' Equity	Currency Currency 2021 2020 January 1, 2020 Trade accounts $ 411 $ 198 $ 160 Accruals on capital spending 52 15 19 Customer rebates accruals 51 3 5 Equity-based compensation (note 15) 69 52 25 Compensation 172 61 42 Export duties (note 25) 11 13 14 Dividends 21 11 11 Interest 4 4 4 Lease obligation - current portion 11 2 — Accrued sales and city taxes 26 10 8 Other 20 20 17 $ 848 $ 389 $ 305

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of other liabilities	Currency remeasurement Currency remeasurement 2021 2020 January 1, 2020 Retirement liabilities (note 13) $ 168 $ 295 $ 242 Long-term portion of reforestation 59 58 57 Long-term portion of decommissioning 25 24 24 Export duties (note 25) 69 — — Interest swap contracts (note 12) 1 6 2 Other 38 25 25 $ 360 $ 408 $ 350
Disclosure of other provisions	Reforestation Decommissioning Currency Currency 2021 2020 2021 2020 Beginning of year $ 88 $ 88 $ 28 $ 24 Norbord Acquisition (note 3) 5 — — — Liabilities recognized 39 40 — 2 Liabilities settled (49) (43) (1) (2) Change in estimates 14 1 5 4 Foreign exchange — 2 1 — End of year 97 88 33 28 Less: current portion (38) (30) (8) (4) $ 59 $ 58 $ 25 $ 24

Operating loans and long-term_2

Operating loans and long-term debt (Tables)	12 Months Ended
	Dec. 31, 2021
Long-Term Debt [Abstract]
Schedule of long-term debt	Long-term debt Currency Currency 2021 2020 January 1, 2020 Senior notes due October 2024; interest at 4.35% $ 300 $ 300 $ 300 Term loan due August 2024; floating interest rate 200 200 200 Note payable due March 2021; interest at 2% — 7 7 Notes payable 1 2 3 501 509 510 Less: deferred financing costs (2) (2) (3) Less: current portion — (7) (7) $ 499 $ 500 $ 500

Retirement benefits (Tables)

Retirement benefits (Tables)	12 Months Ended
	Dec. 31, 2021
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 Other retirement Currency Currency 2021 2020 2021 2020 Accrued benefit obligations Benefit obligations - opening $ 1,443 $ 1,277 $ 28 $ 27 Norbord Acquisition (note 3) 165 — 1 — Service cost 68 59 — — Finance cost on obligation 43 38 1 1 Benefits paid (54) (38) (1) (1) Actuarial (gain) loss due to change in financial assumptions (101) 47 (2) 1 Actuarial (gain) loss due to demography/experience (2) (1) (4) — Settlement (215) 1 — — Foreign exchange 1 8 60 — — Benefit obligations - ending $ 1,355 $ 1,443 $ 23 $ 28 Plan assets Plan assets - opening $ 1,181 $ 1,067 $ — $ — Norbord Acquisition (note 3) 155 — — — Finance income on plan assets 36 31 — — Actual return on plan assets, net of finance income 96 38 — — Employer contributions 46 35 1 1 Benefits paid (54) (38) (1) (1) Settlement (227) — — — Other (3) — — — Foreign exchange 1 9 48 — — Plan assets - ending $ 1,239 $ 1,181 $ — $ — Funded status 2 Retirement assets $ 29 $ 5 $ — $ — Impact of minimum funding requirement 3 (2) — — — Retirement assets (note 9) $ 27 $ 5 $ — $ — Retirement liabilities (note 11) (145) (267) (23) (28) $ (118) $ (262) $ (23) $ (28) 1. Foreign currency translation relates to the foreign exchange impact of translating assets and liabilities of certain plans from their functional currencies 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 the consolidated balance sheets. Other retirement benefit plans continue to be unfunded.
Defined benefit plans expense	Defined benefit Other retirement Currency remeasurement Currency remeasurement 2021 2020 2021 2020 Expense Service cost $ 68 $ 59 $ — $ — Administration fees 2 1 — — Settlement 12 1 — — Net finance expense 7 7 1 1 $ 89 $ 68 $ 1 $ 1
Projected future benefit payments	The projected future benefit payments for the defined benefit pension plans at December 31, 2021 are as follows: 2022 2023 2024 to 2026 Thereafter Total Defined benefit pension plans $ 40 $ 39 $ 130 $ 2,159 $ 2,368
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 Other retirement 2021 2020 2021 2020 Benefit obligations: Discount rate 3.03% 2.69% 3.08% 2.70% Future compensation rate increase 3.60% 3.65% n/a n/a Benefit expense: Discount rate - beginning of year 2.69% 3.00% 2.70% 3.00% Future compensation rate increase 3.65% 3.50% n/a n/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, 2021 is as follows: Increase Decrease Discount rate - 0.50% change $ (123) $ 140 Compensation rate - 0.50% change $ 27 $ (22)
Assets allocations	The weighted average asset allocations of the defined benefit plans at December 31, by asset category, are as follows: Target range 2021 2020 Canadian equities 2% - 30% 16% 22% Foreign equities 15% - 57% 39% 38% Fixed income investments 20% - 55% 33% 33% Other investments 0% - 34% 12% 7% 100% 100%

Share capital (Tables)

Share capital (Tables)	12 Months Ended
	Dec. 31, 2021
Share capital [Abstract]
Disclosure of classes of share capital	2021 2020 January 1, 2020 Currency Currency Number Amount Number Amount Number Amount Common 103,647,256 $ 3,402 66,397,144 $ 481 66,381,289 $ 480 Class B Common 2,281,478 — 2,281,478 — 2,281,478 — Total Common 105,928,734 $ 3,402 68,678,622 $ 481 68,662,767 $ 480

Equity-based compensation (Tabl

Equity-based compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-Based Payment Arrangements [Abstract]
Summary of share option activity	A summary of the activity in the share option plans based on Canadian dollar prices is presented below: 2021 2020 Number Weighted average price Number Weighted average price (CAD$) (CAD$) Outstanding - beginning of year 1,316,994 $ 53.64 1,211,137 $ 51.78 Assumed in Norbord Acquisition (note 3) 887,961 51.85 — — Granted 171,975 92.79 160,410 64.53 Exercised (1,284,284) 46.43 (49,689) 43.45 Expired / Cancelled (14,806) 92.79 (4,864) 55.74 Outstanding - end of year 1,077,840 $ 66.64 1,316,994 $ 53.64 Exercisable - end of year 563,102 $ 61.50 991,119 $ 49.58
Disclosure of range of exercise prices of outstanding share options	The following table summarizes information about the share options outstanding and exercisable at December 31, 2021 in Canadian dollars: Exercise price range Number of outstanding options Weighted average remaining contractual life Weighted average exercise price Number of exercisable options Weighted average exercise price (CAD$) (number) (years) (CAD$) (number) (CAD$) $32.00 - $45.00 105,391 3.7 $ 40.86 105,391 $ 40.86 $46.00 - $60.00 344,640 6.0 54.18 200,703 53.90 $61.00 - $75.00 373,454 6.6 68.97 173,956 70.99 $76.00 - $93.00 254,355 8.0 89.97 83,052 86.21 1,077,840 6.4 $ 66.64 563,102 $ 61.50
Disclosure of number and weighted average remaining contractual life of outstanding share options	The following table summarizes information about the share options outstanding and exercisable at December 31, 2021 in Canadian dollars: Exercise price range Number of outstanding options Weighted average remaining contractual life Weighted average exercise price Number of exercisable options Weighted average exercise price (CAD$) (number) (years) (CAD$) (number) (CAD$) $32.00 - $45.00 105,391 3.7 $ 40.86 105,391 $ 40.86 $46.00 - $60.00 344,640 6.0 54.18 200,703 53.90 $61.00 - $75.00 373,454 6.6 68.97 173,956 70.99 $76.00 - $93.00 254,355 8.0 89.97 83,052 86.21 1,077,840 6.4 $ 66.64 563,102 $ 61.50
Schedule of inputs to the option model	The inputs to the option model are as follows: 2021 2020 Share price on balance sheet date CAD$120.68 CAD$81.72 Weighted average exercise price CAD$66.64 CAD$53.64 Expected dividend CAD$1.01 CAD$0.80 Expected volatility 42.94 % 44.52 % Weighted average interest rate 1.11 % 0.26 % Weighted average expected remaining life in years 6.44 2.81

Finance expense, net (Tables)

Finance expense, net (Tables)	12 Months Ended
	Dec. 31, 2021
Analysis of income and expense [abstract]
Finance expense, net	Finance expense, net Currency 2021 2020 Interest expense $ (48) $ (32) Interest income on short-term investments (note 4) 2 1 Interest income on duty deposits receivable (note 25) 9 13 Finance expense on employee future benefits (8) (9) $ (45) $ (27)

Other (Tables)

Other (Tables)	12 Months Ended
	Dec. 31, 2021
Analysis of income and expense [abstract]
Other	Currency remeasurement 2021 2020 Foreign exchange loss $ (5) $ (4) Settlement loss on defined benefit pension plan annuity purchase (note 13) (12) — Gain (loss) on interest rate swap contracts (note 12) 6 (4) Other 9 (6) $ (2) $ (14)

Tax provision (Tables)

Tax provision (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Income Tax [Abstract]
Major components of income tax	The major components of income tax included in comprehensive earnings are as follows: Currency 2021 2020 Earnings: Current tax $ (977) $ (134) Deferred tax 26 (68) Tax provision on earnings $ (951) $ (202) Other comprehensive earnings: Deferred tax (provision) recovery on retirement benefit actuarial gain (loss) $ (52) $ 2 Tax provision on comprehensive earnings $ (1,003) $ (200)
Income tax rate reconciliation	The tax provision differs from the amount that would have resulted from applying the B.C. statutory income tax rate to earnings before tax is as follows: Currency 2021 2020 Income tax expense at statutory rate of 27% $ (1,052) $ (213) Non-taxable amounts (4) (5) Rate differentials between jurisdictions and on specified activities 116 21 Other (11) (5) Tax provision $ (951) $ (202)
Deferred income tax liabilities and assets	Deferred income tax liabilities (assets) are made up of the following components: Currency Currency 2021 2020 January 1, 2020 Property, plant, equipment and intangibles $ 781 $ 347 $ 309 Reforestation and decommissioning obligations (30) (28) (26) Employee benefits (64) (87) (67) Export duty deposits 44 46 15 Tax loss carry-forwards 1 (10) (14) (41) Other (17) (9) (3) $ 704 $ 255 $ 187 Represented by: Deferred income tax assets $ (8) $ (9) $ (8) Deferred income tax liabilities 712 264 195 $ 704 $ 255 $ 187 1. Includes $68 million for net operating loss carry-forwards in various jurisdictions and $409 million for U.S. state net operating loss carry-forwards. A portion of these losses expire over various periods starting in 2022. Deferred tax assets for net operating losses and other carry-forward attributes totaling $75 million have not be recognized as at December 31, 2021.

Employee compensation (Tables)

Employee compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Analysis of income and expense [abstract]
Compensation expense and balance sheet date payables	Key management includes directors and officers, and their compensation expense and balance sheet date payables are as follows: Currency 2021 2020 Expense Salary and short-term employee benefits $ 17 $ 7 Retirement benefits 2 1 Equity-based compensation 1 36 17 $ 55 $ 25 1. Amounts do not necessarily represent the actual value which will ultimately be paid. Currency Currency 2021 2020 January 1, 2020 Payables and accrued liabilities Compensation $ 7 $ 3 $ — Equity-based compensation 1 46 32 16 $ 53 $ 35 $ 16 1. Amounts do not necessarily represent the actual value which will ultimately be paid.

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share1 [Abstract]
Earnings per share [text block]	Currency 2021 2020 Earnings Basic $ 2,947 $ 588 Share option expense 47 20 Equity-settled share option adjustment (5) (2) Diluted $ 2,989 $ 606 Weighted average number of shares (thousands) Basic 109,021 68,672 Share options 539 191 Diluted 109,560 68,863 Earnings per share (dollars) Basic $ 27.03 $ 8.56 Diluted $ 27.03 $ 8.56

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Financial Instruments1 [Abstract]
Disclosure of financial assets	The following tables provide the carrying and fair values of our financial instruments by category, as well as the associated fair value hierarchy levels as defined in note 2 under “Fair value measurements”. The carrying amount is a reasonable approximation of fair value for cash and short-term investments, receivables, and payables and accrued liabilities. The carrying values of long-term debt include any current portions and exclude deferred financing costs. 2021 Level Financial assets at amortized cost Financial assets or financial liabilities at FVTPL Financial liabilities at amortized cost Carrying value Fair value Financial assets Cash and short-term investments 2 $ 1,568 $ — $ — $ 1,568 $ 1,568 Receivables 3 508 — — 508 508 $ 2,076 $ — $ — $ 2,076 $ 2,076 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 848 $ 848 $ 848 Long-term debt (note 12) 1 2 — — 501 501 513 Interest rate swaps (note 11 & 12) 2 2 — 1 — 1 1 $ — $ 1 $ 1,349 $ 1,350 $ 1,362 1. The fair value of long-term debt is based on rates available to us at December 31, 2021 for long-term debt with similar terms and remaining maturities. 2. The interest rate swap contracts are included in other liabilities in our consolidated balance sheets. 2020 (currency remeasurement) Level Financial assets at amortized cost Financial assets or financial liabilities at FVTPL Financial liabilities at amortized cost Carrying value Fair value Financial assets Cash and short-term investments 2 $ 461 $ — $ — $ 461 $ 461 Receivables 3 277 — — 277 277 $ 738 $ — $ — $ 738 $ 738 Financial liabilities Payables and accrued liabilities 1 3 $ — $ 2 $ 387 $ 389 $ 389 Long-term debt (note 12) 2 2 — — 509 509 524 Interest rate swaps (note 11 & 12) 3 2 — 6 — 6 6 $ — $ 8 $ 896 $ 904 $ 919 1. Payables and accrued liabilities include our equity derivative payable of $2 million 2. The fair value of long-term debt is based on rates available to us at December 31, 2020 for long-term debt with similar terms and remaining maturities. 3. The interest rate swap contracts are included in other liabilities in our consolidated balance sheets. January 1, 2020 (currency remeasurement) Level Financial assets at amortized cost Financial assets or financial liabilities at FVTPL Financial liabilities at amortized cost Carrying value Fair value Financial assets Cash and short-term investments 2 $ 12 $ — $ — $ 12 $ 12 Receivables 1 3 197 2 — 199 199 $ 209 $ 2 $ — $ 211 $ 211 Financial liabilities Cheques issued in excess of funds on deposit 2 $ — $ — $ 12 $ 12 $ 12 Operating loans 2 — — 290 290 290 Payables and accrued liabilities 3 — — 305 305 305 Long-term debt (note 12) 2 2 — — 510 510 521 Interest rate swaps (note 11 & 12) 3 2 — 2 — 2 2 $ — $ 2 $ 1,117 $ 1,119 $ 1,130 1. Receivables include our equity derivative receivable of $2 million. 2. The fair value of long-term debt is based on rates available to us at January 1, 2020 for long-term debt with similar terms and remaining maturities. 3. The interest rate swap contracts are included in other liabilities in our consolidated balance sheets.
Disclosure of financial liabilities	The following tables provide the carrying and fair values of our financial instruments by category, as well as the associated fair value hierarchy levels as defined in note 2 under “Fair value measurements”. The carrying amount is a reasonable approximation of fair value for cash and short-term investments, receivables, and payables and accrued liabilities. The carrying values of long-term debt include any current portions and exclude deferred financing costs. 2021 Level Financial assets at amortized cost Financial assets or financial liabilities at FVTPL Financial liabilities at amortized cost Carrying value Fair value Financial assets Cash and short-term investments 2 $ 1,568 $ — $ — $ 1,568 $ 1,568 Receivables 3 508 — — 508 508 $ 2,076 $ — $ — $ 2,076 $ 2,076 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 848 $ 848 $ 848 Long-term debt (note 12) 1 2 — — 501 501 513 Interest rate swaps (note 11 & 12) 2 2 — 1 — 1 1 $ — $ 1 $ 1,349 $ 1,350 $ 1,362 1. The fair value of long-term debt is based on rates available to us at December 31, 2021 for long-term debt with similar terms and remaining maturities. 2. The interest rate swap contracts are included in other liabilities in our consolidated balance sheets. 2020 (currency remeasurement) Level Financial assets at amortized cost Financial assets or financial liabilities at FVTPL Financial liabilities at amortized cost Carrying value Fair value Financial assets Cash and short-term investments 2 $ 461 $ — $ — $ 461 $ 461 Receivables 3 277 — — 277 277 $ 738 $ — $ — $ 738 $ 738 Financial liabilities Payables and accrued liabilities 1 3 $ — $ 2 $ 387 $ 389 $ 389 Long-term debt (note 12) 2 2 — — 509 509 524 Interest rate swaps (note 11 & 12) 3 2 — 6 — 6 6 $ — $ 8 $ 896 $ 904 $ 919 1. Payables and accrued liabilities include our equity derivative payable of $2 million 2. The fair value of long-term debt is based on rates available to us at December 31, 2020 for long-term debt with similar terms and remaining maturities. 3. The interest rate swap contracts are included in other liabilities in our consolidated balance sheets. January 1, 2020 (currency remeasurement) Level Financial assets at amortized cost Financial assets or financial liabilities at FVTPL Financial liabilities at amortized cost Carrying value Fair value Financial assets Cash and short-term investments 2 $ 12 $ — $ — $ 12 $ 12 Receivables 1 3 197 2 — 199 199 $ 209 $ 2 $ — $ 211 $ 211 Financial liabilities Cheques issued in excess of funds on deposit 2 $ — $ — $ 12 $ 12 $ 12 Operating loans 2 — — 290 290 290 Payables and accrued liabilities 3 — — 305 305 305 Long-term debt (note 12) 2 2 — — 510 510 521 Interest rate swaps (note 11 & 12) 3 2 — 2 — 2 2 $ — $ 2 $ 1,117 $ 1,119 $ 1,130 1. Receivables include our equity derivative receivable of $2 million. 2. The fair value of long-term debt is based on rates available to us at January 1, 2020 for long-term debt with similar terms and remaining maturities. 3. The interest rate swap contracts are included in other liabilities in our consolidated balance sheets.
Disclosure of aging analysis of trade accounts receivable	The aging analysis of trade accounts receivable is presented below: Currency remeasurement Currency remeasurement 2021 2020 January 1, Trade accounts receivable Current $ 403 $ 220 $ 150 Past due 1 to 30 days 30 22 9 Past due 31 to 60 days 3 1 — Past due over 60 days 5 1 — Trade accounts receivable $ 441 $ 244 $ 159 Insurance receivable 6 — 9 Government assistance 1 5 5 Sales taxes receivable 28 11 8 Other 32 17 18 Receivables $ 508 $ 277 $ 199 The following table summarizes the maturity profile of our financial liabilities based on contractual undiscounted payments: (at December 31, 2021, in $ millions) Carrying value Total 2022 2023 2024 2025 Thereafter Long-term debt $ 499 $ 501 $ — $ — $ 501 $ — $ — Interest on long-term debt 1 — 52 19 19 14 — — Lease obligations 28 29 11 6 5 2 5 Payables and accrued liabilities 848 848 848 — — — — Total $ 1,375 $ 1,430 $ 878 $ 25 $ 520 $ 2 $ 5 1. Assumes debt remains at December 31, 2021 levels and includes the impact of interest rate swaps terminating August 2024.
Disclosure of aggregate amount of contractual future cash outflows for long-term debt	t December 31, 2021, we had the following floating rate financial instruments: Financial instrument Carrying Term loan $ 199 Interest rate swap contracts $ 1
Disclosure of CAD dollar foreign currency balance sheet exposure	2021 Net Canadian dollar monetary asset (liability) CAD millions $ (665) Net investment in newsprint operations CAD millions 46 Net investment in European operations GBP millions 308 Net investment in European operations EUR millions 45

Capital disclosures (Tables)

Capital disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
Disclosure of Objectives, Policies and Processes for Managing Capital1 [Abstract]
Disclosure of key measurements used to monitor our capital position	Two key measurements used to monitor our capital position is total debt to total capital and net debt to total capital, calculated as follows at December 31: Currency Currency 2021 2020 January 1, 2020 Debt Operating loans, excluding deferred financing costs $ — $ — $ 290 Current and long-term lease obligation 28 6 8 Long-term debt, excluding deferred financing costs 501 509 510 Interest rate swaps 1 1 6 2 Open letters of credit 1 65 50 47 Total debt 595 571 857 Shareholders’ equity 7,656 2,478 1,905 Total capital 8,251 3,049 2,762 Total debt to total capital 7% 19% 31% Total debt 595 571 857 Cash and short-term investments (1,568) (461) (12) Open letters of credit 1 (65) (50) (47) Interest rate swaps 1 (1) (6) (2) Cheques issued in excess of funds on deposit — — 12 Net debt $ (1,039) $ 54 $ 808 Shareholders’ equity $ 7,656 $ 2,478 $ 1,905 Total capital, net of cash 6,617 2,532 2,713 Net debt to total capital (16%) 2% 30% 1. Letters of credit facilities and the fair value of interest rate swaps are part of our bank covenants’ total debt calculation.

Segment and geographical info_2

Segment and geographical information (Tables)	12 Months Ended
	Dec. 31, 2021
Operating Segments [Abstract]
Segment information	January 1, 2021 to December 31, 2021 Lumber NA EWP Pulp & Paper Europe EWP Corporate & Other Total Sales To external customers $ 4,804 $ 4,264 $ 727 $ 723 $ — $ 10,518 To other segments 106 9 — — (115) — $ 4,910 $ 4,273 $ 727 $ 723 $ (115) $ 10,518 Cost of products sold (2,241) (1,521) (541) (457) 115 (4,645) Freight and other distribution costs (404) (262) (137) (43) — (846) Export duties, net (146) — — — — (146) Amortization (164) (289) (34) (88) (9) (584) Selling, general and administration (146) (76) (34) (22) (34) (312) Equity-based compensation — — — — (40) (40) Operating earnings $ 1,809 $ 2,125 $ (19) $ 113 $ (83) $ 3,945 Finance expense, net (17) (3) (5) (1) (19) (45) Other 2 (1) 2 — (5) (2) Earnings before tax $ 1,794 $ 2,121 $ (22) $ 112 $ (107) $ 3,898 Total assets $ 3,557 $ 4,154 $ 448 $ 953 $ 1,321 $ 10,433 Total liabilities $ 668 $ 552 $ 99 $ 223 $ 1,235 $ 2,777 Capital expenditures 1 $ 146 $ 424 $ 35 $ 28 $ 2 $ 635 1. NA EWP capital expenditures includes $276 million relating to the asset acquisition of the idled OSB mill near Allendale, South Carolina. January 1, 2020 to December 31, 2020 (currency remeasurement) Lumber NA EWP Pulp & Paper Europe EWP Corporate & Other Total Sales To external customers $ 3,258 $ 467 $ 648 $ — $ — $ 4,373 To other segments 98 7 — — (105) — $ 3,356 $ 474 $ 648 $ — $ (105) $ 4,373 Cost of products sold (1,871) (303) (490) — 105 (2,559) Freight and other distribution costs (361) (42) (126) — — (529) Export duties, net (57) — — — — (57) Amortization (151) (13) (31) — (8) (203) Selling, general and administration (128) (22) (33) — (2) (185) Equity-based compensation — — — — (9) (9) Operating earnings $ 788 $ 94 $ (32) $ — $ (19) $ 831 Finance expense, net (17) (4) (6) — — (27) Other (2) 5 (8) — (9) (14) Earnings before tax $ 769 $ 95 $ (46) $ — $ (28) $ 790 Total assets $ 3,138 $ 249 $ 432 $ — $ 359 $ 4,178 Total liabilities $ 520 $ 45 $ 130 $ — $ 1,005 $ 1,700 Capital expenditures $ 149 $ 10 $ 19 $ — $ 2 $ 180
Geographic distribution	The geographic distribution of non-current assets and external sales is as follows: Non-current assets Sales by geographic area 1 Currency Currency Currency 2021 2020 January 1, 2020 2021 2020 Canada $ 3,825 $ 1,654 $ 1,577 $ 1,682 $ 853 United States 2,838 1,188 1,134 7,286 2,860 China — — — 465 467 Other Asia — — — 341 174 Europe 2,3 553 — — 737 17 Other — — — 7 2 $ 7,216 $ 2,842 $ 2,711 $ 10,518 $ 4,373 1. Sales distribution is based on the location of product delivery. 2. 2021 non-current assets balance includes non-current assets located in the U.K. and Belgium. 3. Sales balances includes sales to the U.K.

Countervailing ("CVD") and an_2

Countervailing ("CVD") and antidumping ("ADD") duty dispute (Tables)	12 Months Ended
	Dec. 31, 2021
Other Provisions, Contingent Liabilities And Contingent Assets [Abstract]
Disclosure of antidumping duty dispute rates	The respective Cash Deposit Rates, the AR POI Final Rate, and the West Fraser Estimated ADD Rate for each period are as follows: Effective dates for CVD Cash Deposit AR POI Final Rate AR1 POI April 28, 2017 - August 24, 2017 1 24.12 % 6.76 % 3 August 25, 2017 - December 27, 2017 1 — — December 28, 2017 - December 31, 2017 2 17.99 % 6.76 % 3 January 1, 2018 - December 31, 2018 17.99 % 7.57 % 3 AR2 POI January 1, 2019 - December 31, 2019 17.99 % 5.08 % 5 AR3 POI January 1, 2020 - November 30, 2020 17.99 % n/a 6 December 1, 2020 - December 31, 2020 4 7.57 % n/a 6 AR4 POI January 1, 2021 - December 1, 2021 7.57 % n/a 7 December 2, 2021 - December 31, 2021 8 5.06 % n/a 7 1. On April 24, 2017, the USDOC issued its preliminary rate in the CVD investigation. The requirement that we make cash deposits for CVD was suspended on August 24, 2017, until the USDOC published the Revised Rate. 2. On December 4, 2017, the USDOC revised our CVD Cash Deposit Rate effective December 28, 2017. 3. On February 3, 2020, the USDOC issued a preliminary CVD rate and, on November 24, 2020, a final CVD rate for the AR1 POI. This table only reflects the final rate. 4. On November 24, 2020, the USDOC revised our CVD Cash Deposit Rate effective December 1, 2020. 5. On May 20, 2021, the USDOC issued a preliminary CVD rate and, on November 24, 2021, a final CVD rate for the AR2 POI. Following year-end, the USDOC amended the final CVD rate for the AR2 POI from 5.06% to 5.08% for ministerial errors. This table only reflects the final rate. 6. The CVD rate for the AR3 POI will be adjusted when AR3 is complete, and the USDOC finalizes the rate, which is not expected until 2022. 7. The CVD rate for the AR4 POI will be adjusted when AR4 is complete, and the USDOC finalizes the rate, which is not expected until 2023. 8. On November 24, 2021, the USDOC revised our CVD Cash Deposit Rate effective December 2, 2021. Following year-end, the USDOC amended the CVD cash deposit rate for ministerial errors from 5.06% to 5.08%, effective January 10, 2022. Effective dates for ADD Cash Deposit AR POI Final West Fraser AR1 POI June 30, 2017 - December 3, 2017 1 6.76 % 1.40 % 3 1.46 % December 4, 2017 - December 31, 2017 2 5.57 % 1.40 % 3 1.46 % January 1, 2018 - December 31, 2018 5.57 % 1.40 % 3 1.46 % AR2 POI January 1, 2019 - December 31, 2019 5.57 % 6.06 % 5 4.65 % AR3 POI January 1, 2020 - November 29, 2020 5.57 % n/a 6 3.40 % November 30, 2020 - December 31, 2020 4 1.40 % n/a 6 3.40 % AR4 POI January 1, 2021 - December 1, 2021 1.40 % n/a 7 6.80 % December 2, 2021 - December 31, 2021 8 6.06 % n/a 7 6.80 % 1. On June 26, 2017, the USDOC issued its preliminary rate in the ADD investigation effective June 30, 2017. 2. On December 4, 2017, the USDOC revised our ADD Cash Deposit Rate effective December 4, 2017. 3. On February 3, 2020, the USDOC issued a preliminary ADD Rate and, on November 24, 2020, a final ADD rate for the AR1 POI. This table only reflects the final rate. 4. On November 24, 2020, the USDOC revised our ADD Cash Deposit Rate effective November 30, 2020 5. On May 20, 2021, the USDOC issued a preliminary ADD rate and, on November 24, 2021, a final ADD rate for the AR2 POI. This table only reflects the final rate. 6. The ADD rate for the AR3 POI will be adjusted when AR3 is complete, and the USDOC finalizes the rate, which is not expected until 2022. 7. The ADD rate for the AR4 POI will be adjusted when AR4 is complete, and the USDOC finalizes the rate, which is not expected until 2023. 8. On November 24, 2021, the USDOC revised our ADD Cash Deposit Rate effective December 2, 2021.
Impact on results	The following table reconciles our cash deposits paid during the period to the amount recorded in our earnings statement: Currency remeasurement ($ millions) 2021 2020 Cash deposits paid 1 $ (132) $ (161) Adjust to West Fraser Estimated ADD rate 2 (69) 9 Effective duty expense for period 3 (201) (152) Duty recovery attributable to AR1 4 — 95 Duty recovery attributable to AR2 5 55 — Duty expense (146) (57) Interest income on duty deposits attributable to West Fraser Estimated rate adjustments 2 2 Interest income on the AR1 and AR2 duty deposits receivable 7 11 Interest income on duty deposits $ 9 $ 13 1. Represents combined CVD and ADD cash deposit rate of 23.56% from January 1 to November 29, 2020, 19.39% on November 30, 2020, 8.97% from December 1, 2020 to December 1, 2021, and 11.12% from December 2 to December 31, 2021. 2. Represents adjustment to West Fraser Estimated ADD rate of 6.80% for 2021 and 3.40% for 2020. 3. The total represents the combined CVD cash deposit rate and West Fraser Estimated ADD rate of 21.39% from January 1 to November 30, 2020, 10.97% from December 1 to December 31, 2020, 14.37% for January 1 to December 1, 2021, and 11.86% for December 2 to December 31, 2021. 4. $95 million represents the duty recovery attributable to the finalization of AR1 duty rates for the 2017 and 2018 POI. 5. $55 million represents the duty recovery attributable to the finalization of AR2 duty rates for the 2019 POI.
Impact on balance sheet	Export duty deposits receivable is represented by: Currency remeasurement Export duty deposits receivable 2021 2020 Beginning of year $ 178 $ 61 Export duties recognized as duty deposits receivable 55 104 Interest recognized on duty deposits receivable 9 13 End of year $ 242 $ 178 Export duties payable is represented by: Export duties payable 2021 Beginning of year $ — Export duties payable related to AR4 (69) End of year $ (69)

Nature of operations (Details)

Nature of operations (Details)	12 Months Ended
	Dec. 31, 2021facility
Corporate Information And Statement Of IFRS Compliance [Abstract]
Number of facilities	60

Basis of presentation - Schedul

Basis of presentation - Schedule of foreign exchange rate (Details)	3 Months Ended
	Dec. 31, 2020$ / $	Sep. 30, 2020$ / $	Jun. 30, 2020$ / $	Mar. 31, 2020$ / $	Feb. 01, 2021$ / $	Dec. 31, 2019$ / $
Basis of Presentation [Abstract]
Closing rate	0.7854	0.7497	0.7338	0.7049	0.7798	0.7699
Average rate	0.7676	0.7508	0.7221	0.7443

Business acquisitions - Narrati

Business acquisitions - Narrative (Details) $ / shares in Units, $ in Millions	Feb. 01, 2021USD ($)shares	Jan. 29, 2021$ / shares	Dec. 31, 2020$ / $	Sep. 30, 2020$ / $	Jun. 30, 2020$ / $	Mar. 31, 2020$ / $	Dec. 31, 2021USD ($)property	Feb. 01, 2021CAD ($)	Feb. 01, 2021USD ($)$ / sharesshares
Disclosure of detailed information about business combination [Line Items]
Business combination, share conversion amount | shares									0.675
Average rate | $ / $			0.7676	0.7508	0.7221	0.7443
Number of mills acquired as of acquisition date							1
Number of plant properties acquired as of acquisition date							1
Number of particleboard plants acquired as of acquisition date							2
Norbord, Inc.
Disclosure of detailed information about business combination [Line Items]
Issuance of common shares | shares	54,484,188
Issue of equity, per share (in usd per share) | (per share)								$ 81.94	$ 63.90
Share issue related cost | $	$ 3,482
Average rate | $ / shares		0.7798
Goodwill | $									$ 1,339
Canada
Disclosure of detailed information about business combination [Line Items]
Number of mills acquired as of acquisition date							5
United States
Disclosure of detailed information about business combination [Line Items]
Number of mills acquired as of acquisition date							7
BELGIUM
Disclosure of detailed information about business combination [Line Items]
Number of mills acquired as of acquisition date							1
Selling, general and administrative expense | Norbord, Inc.
Disclosure of detailed information about business combination [Line Items]
Acquisition-related costs for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | $							$ 17

Business acquisitions - Schedul

Business acquisitions - Schedule of business combination (Details) - USD ($) $ in Millions	Dec. 01, 2021	Feb. 01, 2021
Norbord, Inc.
West Fraser purchase consideration:
Fair value of consideration transferred		$ 3,506
Fair value of net assets acquired:
Cash and short-term investments		642
Accounts receivable		232
Inventories		334
Prepaid expenses		12
Property, plant and equipment		2,088
Timber licenses		10
Other non-current assets		6
Other intangibles		17
Customer relationship intangible		470
Goodwill		1,339
Payables and accrued liabilities		301
Income tax payable		(155)
Current portion of reforestation and decommissioning obligations		(2)
Long-term debt		(720)
Other non-current liabilities		(36)
Deferred income tax liabilities		(430)
Identifiable assets acquired (liabilities assumed)		3,506
Norbord, Inc. | Issued share
West Fraser purchase consideration:
Fair value of equity interests		3,482
Norbord, Inc. | Share-based payments
West Fraser purchase consideration:
Fair value of equity interests		$ 24
Angelina Forest
West Fraser purchase consideration:
Cash transferred	$ 310
Fair value of net assets acquired:
Cash and short-term investments	8
Accounts receivable	7
Inventories	11
Property, plant and equipment	213
Goodwill	78
Payables and accrued liabilities	7
Identifiable assets acquired (liabilities assumed)	$ 310

Business acquisitions - Sched_2

Business acquisitions - Schedule of detailed information about actual operating results of acquirees (Details) - USD ($) $ in Millions	11 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021
Disclosure of detailed information about business combination [Line Items]
Sales		$ 4,190
Operating earnings		1,916
Earnings		1,428
Norbord, Inc.
Disclosure of detailed information about business combination [Line Items]
Sales	$ 4,175
Operating earnings	1,915
Earnings	1,427
Business combination, one-time Inventory adjustment expense	$ 93
Angelina Forest
Disclosure of detailed information about business combination [Line Items]
Sales		15
Operating earnings		1
Earnings		1
Business combination, one-time Inventory adjustment expense		$ 2

Business acquisitions - Sched_3

Business acquisitions - Schedule of detailed information about pro forma operating results of acquirer and acquiree (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended		12 Months Ended
	Jan. 31, 2021	Dec. 31, 2021	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Acquirer [Abstract]
Sales				$ 10,518	$ 4,373
Operating earnings				3,945	831
Earnings				2,947	$ 588
Pro Forma
Acquirer [Abstract]
Sales				10,958
Operating earnings				4,121
Earnings				3,090
Norbord, Inc.
Acquirer [Abstract]
Sales	$ 277
Operating earnings	115
Earnings	$ 86
Acquiree [Abstract]
Business combination, one-time Inventory adjustment expense		$ 93
Angelina Forest
Acquiree [Abstract]
Sales			$ 163
Operating earnings			61
Earnings			$ 57
Business combination, one-time Inventory adjustment expense				$ 2

Cash and Short-term investmen_3

Cash and Short-term investments (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Standards, Amendments and Interpretations Issued but not yet Applied [Abstract]
Cash	$ 847	$ 434	$ 10
Short-term investments	721	27	2
Cash and short-term investments (note 4)	$ 1,568	$ 461	$ 12

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventories [Abstract]
Manufactured products	$ 448	$ 270	$ 263
Manufactured products	403	189	173
Logs and other raw materials	210	119	125
Inventory	$ 1,061	$ 578	$ 561

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Inventories [Abstract]
Inventory provision	$ 6	$ 2	$ 30
Inventories, at net realisable value	$ 42	$ 21	$ 140

Property, plant and equipment -

Property, plant and equipment - Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Buildings | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	10 years
Buildings | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	30 years
Manufacturing plant, equipment and machinery | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	6 years
Manufacturing plant, equipment and machinery | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	25 years
Fixtures, mobile and other equipment | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	2 years
Fixtures, mobile and other equipment | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	10 years
Roads and bridges | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	40 years
Major maintenance shutdowns | Minimum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	1 year
Major maintenance shutdowns | Maximum
Disclosure of detailed information about property, plant and equipment [line items]
Useful life measured as period of time, property, plant and equipment	2 years

Property, plant and equipment_2

Property, plant and equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	$ 1,657	$ 1,648
Acquisitions (note 3)	2,301
Additions	665	174
Amortization	(510)	(178)
Foreign exchange	(9)	14
Disposals	(4)	(1)
Transfers	0	0
Property, plant and equipment at end of period	4,100	1,657
Cost of sales
Disclosure of detailed information about property, plant and equipment [line items]
Amortization	(506)	(175)
Selling, general and administrative expense
Disclosure of detailed information about property, plant and equipment [line items]
Amortization	(4)	(3)
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	4,047
Property, plant and equipment at end of period	6,954	4,047
Accumulated amortization
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(2,390)
Property, plant and equipment at end of period	(2,854)	(2,390)
Manufacturing plant, equipment and machinery
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	1,449	1,435
Acquisitions (note 3)	2,163
Additions	472	117
Amortization	(497)	(165)
Foreign exchange	(8)	13
Disposals	(4)	(1)
Transfers	176	50
Property, plant and equipment at end of period	3,751	1,449
Manufacturing plant, equipment and machinery | OSB mill
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at end of period	276
Manufacturing plant, equipment and machinery | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	3,738
Property, plant and equipment at end of period	6,500	3,738
Manufacturing plant, equipment and machinery | Accumulated amortization
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(2,289)
Property, plant and equipment at end of period	(2,749)	(2,289)
Construction- in-progress
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	138	141
Acquisitions (note 3)	118
Additions	173	47
Amortization	0	0
Foreign exchange	(1)	0
Disposals	0	0
Transfers	(176)	(50)
Property, plant and equipment at end of period	252	138
Construction- in-progress | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	138
Property, plant and equipment at end of period	252	138
Construction- in-progress | Accumulated amortization
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	0
Property, plant and equipment at end of period	0	0
Roads and bridges
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	37	39
Acquisitions (note 3)	0
Additions	17	10
Amortization	(13)	(13)
Foreign exchange	0	1
Disposals	0	0
Transfers	0	0
Property, plant and equipment at end of period	41	37
Roads and bridges | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	132
Property, plant and equipment at end of period	140	132
Roads and bridges | Accumulated amortization
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(95)
Property, plant and equipment at end of period	(99)	(95)
Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	33	33
Acquisitions (note 3)	20
Additions	3	0
Amortization	0	0
Foreign exchange	0	0
Disposals	0	0
Transfers	0	0
Property, plant and equipment at end of period	56	33
Other | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	39
Property, plant and equipment at end of period	62	39
Other | Accumulated amortization
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(6)
Property, plant and equipment at end of period	$ (6)	$ (6)

Timber licences - Narrative (De

Timber licences - Narrative (Details)	12 Months Ended
	Dec. 31, 2021
Licences
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	40 years

Timber licences (Details)

Timber licences (Details) - Timber licences - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	$ 368	$ 372
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	372	380
Acquisitions (note 3)	10
Additions	2
Amortization	(16)	(15)
Foreign exchange		7
Intangible assets other than goodwill at end of period	368	372
Cost
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	641	629
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	629
Intangible assets other than goodwill at end of period	641	629
Accumulated amortization
Disclosure of detailed information about intangible assets [line items]
Intangible assets other than goodwill	(273)	(257)
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	(257)
Intangible assets other than goodwill at end of period	$ (273)	$ (257)

Goodwill and other intangible_2

Goodwill and other intangibles (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cost of sales
Reconciliation of changes in intangible assets other than goodwill [abstract]
Amortization	$ 1	$ 2
Selling, general and administrative expense
Reconciliation of changes in intangible assets other than goodwill [abstract]
Amortization	57	8
Goodwill
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	1,975	559
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	559	554
Acquisitions (note 3)	1,417
Foreign exchange	(1)	5
Intangible assets other than goodwill at end of period	1,975	559
Customer Relationship Intangible
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	426
Reconciliation of changes in intangible assets other than goodwill [abstract]
Acquisitions (note 3)	470
Amortization	43
Foreign exchange	(1)
Intangible assets other than goodwill at end of period	426
Other
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	39	32
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	32	40
Acquisitions (note 3)	17
Additions	7	2
Amortization	15	10
Disposals	(2)
Intangible assets other than goodwill at end of period	39	32
Total
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	2,440	591
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	591	594
Acquisitions (note 3)	1,904
Additions	7	2
Amortization	58	10
Foreign exchange	(2)	5
Disposals	(2)
Intangible assets other than goodwill at end of period	2,440	591
Cost | Goodwill
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	1,975	559
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	559
Intangible assets other than goodwill at end of period	1,975	559
Cost | Customer Relationship Intangible
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	469
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at end of period	469
Cost | Other
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	79	62
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	62
Intangible assets other than goodwill at end of period	79	62
Cost | Total
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	2,523	621
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	621
Intangible assets other than goodwill at end of period	2,523	621
Accumulated amortization | Goodwill
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill		0
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	0
Intangible assets other than goodwill at end of period		0
Accumulated amortization | Customer Relationship Intangible
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	(43)
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at end of period	(43)
Accumulated amortization | Other
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	(40)	(30)
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	(30)
Intangible assets other than goodwill at end of period	(40)	(30)
Accumulated amortization | Total
Disclosure of detailed information about intangible assets [line items]
Intangible assets and goodwill	(83)	(30)
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	(30)
Intangible assets other than goodwill at end of period	$ (83)	$ (30)

Goodwill and other intangible_3

Goodwill and other intangibles - Schedule of Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about intangible assets [line items]
Goodwill	$ 1,975	$ 559	$ 554
Canadian lumber
Disclosure of detailed information about intangible assets [line items]
Goodwill	171	171	167
US lumber
Disclosure of detailed information about intangible assets [line items]
Goodwill	429	352	352
North America EWP1
Disclosure of detailed information about intangible assets [line items]
Goodwill	1,280	36	35
Europe EWP
Disclosure of detailed information about intangible assets [line items]
Goodwill	$ 95	$ 0	$ 0

Goodwill and other intangible_4

Goodwill and other intangibles - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Disclosure of detailed information about intangible assets [line items]
Impairment loss recognised in profit or loss, goodwill	$ 0	$ 0
Minimum
Disclosure of detailed information about intangible assets [line items]
Product Information, Pre-Tax Discount Rates	0.113
Maximum
Disclosure of detailed information about intangible assets [line items]
Product Information, Pre-Tax Discount Rates	0.131
Customer Relationship Intangible
Disclosure of detailed information about intangible assets [line items]
Useful life measured as period of time, intangible assets other than goodwill	10 years

Other assets (Details)

Other assets (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Post-retirement	$ 27	$ 5	$ 4
Other	31	30	16
Other assets	$ 58	$ 35	$ 20

Payables and accrued liabilit_3

Payables and accrued liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Trade accounts	$ 411	$ 198	$ 160
Accruals on capital spending	52	15	19
Customer rebates accruals	51	3	5
Equity-based compensation (note 15)	69	52	25
Compensation	172	61	42
Export duties (note 25)	11	13	14
Dividends	21	11	11
Interest	4	4	4
Lease obligation - current portion	11	2	0
Accrued sales and city taxes	26	10	8
Other	20	20	17
Payables and accrued liabilities (note 10)	$ 848	$ 389	$ 305

Other liabilities (Details)

Other liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]
Post-retirement	$ 168	$ 295	$ 242
Long-term portion of reforestation	59	58	57
Long-term portion of decommissioning	25	24	24
Export duties (note 25)	69	0	0
Long-term debt (note 12)	1	6	2
Other	38	25	25
Other liabilities	$ 360	$ 408	$ 350

Other liabilities - Liabilities

Other liabilities - Liabilities Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Provision for Reforestation
Provision for decommissioning, restoration and rehabilitation costs [Roll Forward]
Beginning of year	$ 88	$ 88
Norbord Acquisition (note 3)	5	0
Liabilities recognized	39	40
Liabilities settled	(49)	(43)
Change in estimates	14	1
Foreign exchange	0	2
End of year	97	88
Less: current portion	(38)	(30)
Long-term portion of reforestation	59	58
Provision for Decommissioning
Provision for decommissioning, restoration and rehabilitation costs [Roll Forward]
Beginning of year	28	24
Norbord Acquisition (note 3)	0	0
Liabilities recognized	0	2
Liabilities settled	(1)	(2)
Change in estimates	5	4
Foreign exchange	1	0
End of year	33	28
Less: current portion	(8)	(4)
Long-term portion of reforestation	$ 25	$ 24

Other liabilities - Narrative (

Other liabilities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of contingent liabilities [line items]
Undiscounted estimated required cash flow	$ 133	$ 119	$ 122
Minimum
Disclosure of contingent liabilities [line items]
Undiscounted cash flow, Interest rate	0.0095	0.0020
Provision for decommissioning, restoration, estimated period	12 years
Maximum
Disclosure of contingent liabilities [line items]
Undiscounted cash flow, Interest rate	0.0125	0.0039
Provision for decommissioning, restoration, estimated period	15 years
Provision for decommissioning, landfill closures and site remediation, estimated period	50 years

Operating loans and long-term_3

Operating loans and long-term debt - Narrative (Details) $ in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021CAD ($)	Dec. 01, 2021	Feb. 01, 2021USD ($)	Feb. 01, 2021CAD ($)	Dec. 31, 2019USD ($)
Disclosure of detailed information about borrowings [line items]
Deferred Financing Fee								$ 2
Letters of Credit, Amount Drawn								288
Total debt		$ 595	$ 571					857
Borrowings, Amount Reduced		665
Borrowings, Premiums Paid		60
Gain (loss) on Settlement of Borrowings		5
Notional amount		720
Long-term debt (note 12)		1	6					2
revolving credit facility which matures July 2026
Disclosure of detailed information about borrowings [line items]
Borrowings, Redeem and Re-Paid	$ 1
Revolving Bank Line
Disclosure of detailed information about borrowings [line items]
Deferred Financing Fee		1	2
Senior notes due April 2023
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate						6.25%	6.25%
Senior notes due April 2023 | Norbord, Inc.
Disclosure of detailed information about borrowings [line items]
Total debt						$ 315
Purchase Price Fair Value Measurement, Increase		55
Senior notes due July 2027
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate					5.75%
Borrowings, Redeem and Re-Paid	$ 1
Senior notes due July 2027 | Norbord, Inc.
Disclosure of detailed information about borrowings [line items]
Total debt						350
Term loan due August 2024; floating interest rate
Disclosure of detailed information about borrowings [line items]
Notional amount		200
Committed revolving credit facility
Disclosure of detailed information about borrowings [line items]
Borrowing facilities, maximum borrowing capacity		850					$ 850
Committed revolving credit facility | Revolving credit facility due April 2024
Disclosure of detailed information about borrowings [line items]
Borrowing facilities, maximum borrowing capacity		450				450	$ 150
Committed revolving credit facility | revolving credit facility which matures July 2026
Disclosure of detailed information about borrowings [line items]
Borrowing facilities, maximum borrowing capacity		$ 1,000
Borrowings, maturity		five-year
Undrawn borrowing facilities		$ 1,000
Letters of Credit Outstanding, Amount		25
Committed revolving credit facility | revolving credit facility which matures July 2026 | Joint operations
Disclosure of detailed information about borrowings [line items]
Letters of Credit Outstanding, Amount		$ 6		$ 8
Term loan
Disclosure of detailed information about borrowings [line items]
Total debt						$ 200
Interest rate swap contracts
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate		1.14%		1.14%
Gains (losses) on financial liabilities at fair value through profit or loss		$ 6	(4)
Interest rate swap contracts | Financial assets or financial liabilities at FVTPL
Disclosure of detailed information about borrowings [line items]
Long-term debt (note 12)		1	6					2
Interest rate swap contracts | Term loan due August 2024; floating interest rate
Disclosure of detailed information about borrowings [line items]
Notional amount		200
Dedicated Letters of Credit
Disclosure of detailed information about borrowings [line items]
Notional amount		137	101					69
Open letters of credit
Disclosure of detailed information about borrowings [line items]
Notional amount		$ 65	$ 50					$ 47

Operating loans and long-term_4

Operating loans and long-term debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Debt	$ 595	$ 571	$ 857
Less: current portion	0	(7)	(7)
Long-term debt (note 12)	499	500	500
Deferred Financing Cost Netting
Disclosure of detailed information about borrowings [line items]
Debt	$ (2)	(2)	(3)
Senior Notes Due Oct 2024
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	4.35%
Senior Notes Due Oct 2024 | Cost
Disclosure of detailed information about borrowings [line items]
Debt	$ 300	300	300
Term loan due August 2024; floating interest rate | Cost
Disclosure of detailed information about borrowings [line items]
Debt	$ 200	200	200
Note Payable Due Mar 2021
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	2.00%
Note Payable Due Mar 2021 | Cost
Disclosure of detailed information about borrowings [line items]
Debt	$ 0	7	7
Notes payable | Cost
Disclosure of detailed information about borrowings [line items]
Debt	1	2	3
Long-term borrowings | Cost
Disclosure of detailed information about borrowings [line items]
Debt	$ 501	$ 509	$ 510

Retirement benefits - Narrative

Retirement benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Return on plan assets excluding interest income or expense, before tax, defined benefit plans		$ 132	$ 69
Employer contributions		46	$ 35
Net defined benefit liability		$ 215
Weighted average duration of defined benefit obligation		20 years	19 years
Actuarial assumption of expected rates of pension increases		450.00%
Actuarial Assumption of Expected Rates of Pension, Yearly decrease		0.25
Post-employment benefit expense, defined contribution plans		$ 29	$ 13
Forecast
Disclosure of defined benefit plans [line items]
Employer contributions	$ 47
Maximum
Disclosure of defined benefit plans [line items]
Actuarial assumption of expected rates of pension increases		6.25%
Post-employment medical defined benefit plans
Disclosure of defined benefit plans [line items]
Post-employment benefit expense in profit or loss, defined benefit plans		$ 1	1
Defined benefit pension plans
Disclosure of defined benefit plans [line items]
Post-employment benefit expense in profit or loss, defined benefit plans		89	68
Net defined benefit liability		$ 145	$ 267

Post-retirement benefits - Stat

Post-retirement benefits - Status of the defined benefit pension plans and other retirement benefits plans (Details) $ in Millions	Dec. 31, 2021USD ($)
Disclosure of defined benefit plans [line items]
Net defined benefit liability	$ (215)

Retirement benefits - Actuarial

Retirement benefits - Actuarial gain on post-retirement benefits, included in other comprehensive earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Employee Benefits [Abstract]
Actuarial gain (loss), net of tax	$ 153	$ (7)

Retirement benefits - Status of

Retirement benefits - Status of the defined benefit pension plans and other retirement benefits plans, in the aggregate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of defined benefit plans [line items]
Net defined benefit liability	$ (215)
Defined benefit pension plans
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	262
Net defined benefit (liability) asset	118	$ 262
Retirement assets	29	5
Impact of minimum funding requirement3	(2)	0
Net defined benefit asset	27	5
Net defined benefit liability	(145)	(267)
Net defined benefit (liability) asset	118	262
Defined benefit pension plans | Present value of defined benefit obligation
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	1,443	1,277
Norbord Acquisition (note 3)	(165)	0
Service cost	68	59
Finance cost on obligation	(43)	(38)
Benefits paid	(54)	(38)
Actuarial (gain) loss due to change in financial assumptions	(101)	47
Actuarial (gain) loss due to demography/experience	(2)	(1)
Settlement	(215)	1
Foreign exchange1	8	60
Net defined benefit (liability) asset	1,355	1,443
Net defined benefit (liability) asset	1,355	1,443
Defined benefit pension plans | Plan assets
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	(1,181)	(1,067)
Norbord Acquisition (note 3)	155	0
Finance cost on obligation	36	31
Actual return on plan assets, net of finance income	96	38
Employer contributions	46	35
Benefits paid	54	38
Settlement	(227)	0
Foreign exchange1	9	48
Other	(3)	0
Net defined benefit (liability) asset	(1,239)	(1,181)
Net defined benefit (liability) asset	(1,239)	(1,181)
Other retirement benefit plans
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	28
Net defined benefit (liability) asset	23	28
Retirement assets	0	0
Impact of minimum funding requirement3	0	0
Net defined benefit asset	0	0
Net defined benefit liability	(23)	(28)
Net defined benefit (liability) asset	23	28
Other retirement benefit plans | Present value of defined benefit obligation
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	28	27
Norbord Acquisition (note 3)	(1)	0
Service cost	0	0
Finance cost on obligation	(1)	(1)
Benefits paid	(1)	(1)
Actuarial (gain) loss due to change in financial assumptions	(2)	1
Actuarial (gain) loss due to demography/experience	(4)	0
Settlement	0	0
Foreign exchange1	0	0
Net defined benefit (liability) asset	23	28
Net defined benefit (liability) asset	23	28
Other retirement benefit plans | Plan assets
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	0	0
Norbord Acquisition (note 3)	0	0
Finance cost on obligation	0	0
Actual return on plan assets, net of finance income	0	0
Employer contributions	1	1
Benefits paid	1	1
Settlement	0	0
Foreign exchange1	0	0
Other	0	0
Net defined benefit (liability) asset	0	0
Net defined benefit (liability) asset	$ 0	$ 0

Retirement benefits - Defined b

Retirement benefits - Defined benefit plans expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined benefit pension plans
Disclosure of defined benefit plans [line items]
Service cost	$ 68	$ 59
Administration fees	2	1
Settlement	12	1
Net finance expense	7	7
Defined benefit plans expense	89	68
Other retirement benefit plans
Disclosure of defined benefit plans [line items]
Service cost	0	0
Administration fees	0	0
Settlement	0	0
Net finance expense	1	1
Defined benefit plans expense	$ 1	$ 1

Retirement benefits - Projected

Retirement benefits - Projected future benefit payments (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Disclosure of defined benefit plans [line items]
Projected future benefit payments	$ 2,368
2022
Disclosure of defined benefit plans [line items]
Projected future benefit payments	40
2023
Disclosure of defined benefit plans [line items]
Projected future benefit payments	39
2024 to 2026
Disclosure of defined benefit plans [line items]
Projected future benefit payments	130
Thereafter
Disclosure of defined benefit plans [line items]
Projected future benefit payments	$ 2,159

Retirement benefits - Actuari_2

Retirement benefits - Actuarial assumptions (Details)	Dec. 31, 2021	Dec. 31, 2020
Defined benefit pension plans
Disclosure of defined benefit plans [line items]
Discount rate, benefit obligations	3.03%	2.69%
Future compensation rate increase, benefit obligations	3.60%	3.65%
Discount rate, benefit expense	2.69%	3.00%
Future compensation rate increase, benefit expense	3.65%	3.50%
Other retirement benefit plans
Disclosure of defined benefit plans [line items]
Discount rate, benefit obligations	3.08%	2.70%
Discount rate, benefit expense	2.70%	3.00%

Retirement benefits - Impact of

Retirement benefits - Impact of change in assumptions (Details) $ in Millions	Dec. 31, 2021USD ($)
Discount rate - 0.50% change
Disclosure of defined benefit plans [line items]
Increase	$ (123)
Decrease	$ 140
Actuarial assumption of discount rates, percentage change	0.0050
Compensation rate - 0.50% change
Disclosure of defined benefit plans [line items]
Increase	$ 27
Decrease	$ (22)
Actuarial assumption of discount rates, percentage change	0.0050

Retirement benefits - Assets al

Retirement benefits - Assets allocations (Details)	Dec. 31, 2021	Dec. 31, 2020
Disclosure of fair value of plan assets [line items]
Fixed income investments	33.00%	33.00%
Other investments	12.00%	7.00%
Total	100.00%	100.00%
Minimum
Disclosure of fair value of plan assets [line items]
Fixed income investments	20.00%
Other investments	0.00%
Maximum
Disclosure of fair value of plan assets [line items]
Fixed income investments	55.00%
Other investments	34.00%
Canadian
Disclosure of fair value of plan assets [line items]
Equities	16.00%	22.00%
Canadian | Minimum
Disclosure of fair value of plan assets [line items]
Equities	2.00%
Canadian | Maximum
Disclosure of fair value of plan assets [line items]
Equities	30.00%
Foreign
Disclosure of fair value of plan assets [line items]
Equities	39.00%	38.00%
Foreign | Minimum
Disclosure of fair value of plan assets [line items]
Equities	15.00%
Foreign | Maximum
Disclosure of fair value of plan assets [line items]
Equities	57.00%

Share capital - Narrative (Deta

Share capital - Narrative (Details) $ / shares in Units, $ in Millions

Aug. 20, 2021$ / shares

Aug. 20, 2021CAD ($)$ / sharesshares

Feb. 01, 2021USD ($)$ / $$ / sharesshares

Dec. 31, 2021USD ($)$ / sharesshares

Dec. 31, 2021$ / sharesshares

Dec. 31, 2020$ / $shares

Jun. 11, 2021shares

Feb. 17, 2021shares

Feb. 01, 2021CAD ($)

Sep. 30, 2020$ / $

Jun. 30, 2020$ / $

Mar. 31, 2020$ / $

Dec. 31, 2019$ / $

Disclosure of classes of share capital [line items]

Closing rate

0.7798

0.7854

0.7497

0.7338

0.7049

0.7699

Stock repurchase program, number of additional shares authorized

9,582,470

Repurchase of Common shares for cancellation | $

$ 1,319

Share Option Plans

Disclosure of classes of share capital [line items]

Increase in number of shares outstanding

131,452

1,000

Employee Share Purchase Plan

Disclosure of classes of share capital [line items]

Increase in number of shares outstanding

2,946

14,855

Normal Course Issuer Bid Program

Disclosure of classes of share capital [line items]

Stock repurchase program, number of additional shares authorized

3,538,470

6,044,000

Repurchase of Common shares for cancellation (in share)

7,059,196

Treasury shares, repurchased, average price (in USD/CAD per share) | (per share)

$ 74.60

$ 92.79

Substantial Issuer Bid

Disclosure of classes of share capital [line items]

Repurchase of Common shares for cancellation (in share)

10,309,278

Treasury shares, repurchased, average price (in USD/CAD per share) | (per share)

$ 76.84

$ 97

Repurchase of Common shares for cancellation | $

$ 1,000,000,000

Share Capital

Disclosure of classes of share capital [line items]

Issuance of common shares

54,618,586

15,855

Repurchase of Common shares for cancellation (in share)

17,368,474

Repurchase of Common shares for cancellation | $

$ 570

Norbord, Inc.

Disclosure of classes of share capital [line items]

Issuance of common shares

54,484,188

Issue of equity, per share (in usd per share) | (per share)

$ 63.90

$ 81.94

Norbord, Inc. | Share Capital

Disclosure of classes of share capital [line items]

Fair value of equity interests | $

$ 3,482

Common

Disclosure of classes of share capital [line items]

Number of shares authorised

400,000,000

400,000,000

Class B Common

Disclosure of classes of share capital [line items]

Number of shares authorised

20,000,000

20,000,000

Preference shares

Disclosure of classes of share capital [line items]

Number of shares authorised

10,000,000

10,000,000

Share capital (Details)

Share capital (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of classes of share capital [line items]
Shareholders’ equity	$ 7,656	$ 2,478	$ 1,905
Share capital
Disclosure of classes of share capital [line items]
Number of shares issued	105,928,734	68,678,622	68,662,767
Shareholders’ equity	$ 3,402	$ 481	$ 480
Common | Share capital
Disclosure of classes of share capital [line items]
Number of shares issued	103,647,256	66,397,144	66,381,289
Shareholders’ equity	$ 3,402	$ 481	$ 480
Class B Common | Share capital
Disclosure of classes of share capital [line items]
Number of shares issued	2,281,478	2,281,478	2,281,478
Shareholders’ equity	$ 0	$ 0	$ 0

Equity-based compensation - Nar

Equity-based compensation - Narrative (Details) $ / shares in Units, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)shares$ / shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020USD ($)shares$ / shares	Dec. 31, 2021CAD ($)shares	Dec. 31, 2020CAD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2019CAD ($)
Disclosure of range of exercise prices of outstanding share options [line items]
Expense from equity-settled share-based payment transactions	$ 40		$ 9
Equity-based compensation (note 15)	40		9
Exercised (in CAD per share) | $ / shares		$ 46.43		$ 43.45
Recovery of expense from share-based payment transactions	$ 23		18
Share-based payment arrangement, shares hedged | shares	1,000,000
Common
Disclosure of range of exercise prices of outstanding share options [line items]
Number of shares authorised | shares	8,295,940	8,295,940			8,295,940
Increase In number of share options approved for issuance | shares	1,000,000
Number of share options available remaining for issuance | shares	1,025,337
Equity-based compensation (note 15)	$ 47		20
Share-Based Payment Arrangements, Vesting Period	10 years
Exercised (in CAD per share) | $ / shares		$ 100.85		$ 69.73
Liabilities from share-based payment transactions	$ 44	$ 44	37	$ 37			$ 17
Weighted average share price, share options granted | $ / shares		$ 52.29		$ 35.74
Intrinsic value of liabilities from share-based payment transactions for which counterparty's right to cash or other assets vested					$ 33	$ 37		$ 14
Phantom Share Unit
Disclosure of range of exercise prices of outstanding share options [line items]
Equity-based compensation (note 15)	$ 11		$ 5
Share-Based Payment Arrangements, Vesting Period	3 years
Number of other equity instruments outstanding in share-based payment arrangement | shares	169,385	169,385	111,262	111,262	169,385	111,262
Performance Shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number of other equity instruments outstanding in share-based payment arrangement | shares	90,813	90,813	81,825	81,825	90,813	81,825
Deferred Share Unit
Disclosure of range of exercise prices of outstanding share options [line items]
Equity-based compensation (note 15)	$ 5		$ 2
Number of other equity instruments outstanding in share-based payment arrangement | shares	92,120	92,120	87,294	87,294	92,120	87,294

Equity-based compensation - Sha

Equity-based compensation - Share Option Activity (Details)	12 Months Ended
	Dec. 31, 2021shares$ / shares	Dec. 31, 2020shares$ / shares
Share-Based Payment Arrangements [Abstract]
Outstanding - beginning of year | shares	1,316,994	1,211,137
Assumed in Norbord Acquisition (note 3) | shares	887,961
Granted | shares	171,975	160,410
Exercised | shares	(1,284,284)	(49,689)
Expired / Cancelled | shares	(14,806)	(4,864)
Outstanding - end of year | shares	1,077,840	1,316,994
Exercisable - end of year | shares	563,102	991,119
Granted (in CAD per share) | $ / shares	$ 92.79	$ 64.53
Outstanding - beginning of year (in CAD per share) | $ / shares	53.64	51.78
Assumed in Norbord Acquisition (in CAD per share) | $ / shares	51.85
Exercised (in CAD per share) | $ / shares	46.43	43.45
Expired/Cancelled (in USD per share) | $ / shares	92.79	55.74
Outstanding - end of year (in CAD per share) | $ / shares	66.64	53.64
Exercisable - end of year (in CAD per share) | $ / shares	$ 61.50	$ 49.58

Equity-based compensation - Ran

Equity-based compensation - Range of Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2021shares$ / shares	Dec. 31, 2020shares$ / shares	Dec. 31, 2019shares$ / shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number of outstanding options | shares	1,077,840	1,316,994	1,211,137
Weighted average remaining contractual life	6 years 4 months 24 days
Weighted average exercise price (in CAD per share)	$ 66.64	$ 53.64	$ 51.78
Number of exercisable options | shares	563,102	991,119
Weighted average exercise price of shares exercisable (in CAD per share)	$ 61.50	$ 49.58
Exercise Price Range One
Disclosure of range of exercise prices of outstanding share options [line items]
Number of outstanding options | shares	105,391
Weighted average remaining contractual life	3 years 8 months 12 days
Weighted average exercise price (in CAD per share)	$ 40.86
Number of exercisable options | shares	105,391
Weighted average exercise price of shares exercisable (in CAD per share)	$ 40.86
Exercise Price Range Two
Disclosure of range of exercise prices of outstanding share options [line items]
Number of outstanding options | shares	344,640
Weighted average remaining contractual life	6 years
Weighted average exercise price (in CAD per share)	$ 54.18
Number of exercisable options | shares	200,703
Weighted average exercise price of shares exercisable (in CAD per share)	$ 53.90
Exercise Price Range Three
Disclosure of range of exercise prices of outstanding share options [line items]
Number of outstanding options | shares	373,454
Weighted average remaining contractual life	6 years 7 months 6 days
Weighted average exercise price (in CAD per share)	$ 68.97
Number of exercisable options | shares	173,956
Weighted average exercise price of shares exercisable (in CAD per share)	$ 70.99
Exercise Price Range Four
Disclosure of range of exercise prices of outstanding share options [line items]
Number of outstanding options | shares	254,355
Weighted average remaining contractual life	8 years
Weighted average exercise price (in CAD per share)	$ 89.97
Number of exercisable options | shares	83,052
Weighted average exercise price of shares exercisable (in CAD per share)	$ 86.21
Minimum | Exercise Price Range One
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average exercise price (in CAD per share)	32
Minimum | Exercise Price Range Two
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average exercise price (in CAD per share)	46
Minimum | Exercise Price Range Three
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average exercise price (in CAD per share)	61
Minimum | Exercise Price Range Four
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average exercise price (in CAD per share)	76
Maximum | Exercise Price Range One
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average exercise price (in CAD per share)	45
Maximum | Exercise Price Range Two
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average exercise price (in CAD per share)	60
Maximum | Exercise Price Range Three
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average exercise price (in CAD per share)	75
Maximum | Exercise Price Range Four
Disclosure of range of exercise prices of outstanding share options [line items]
Weighted average exercise price (in CAD per share)	$ 93

Equity-based compensation - Sch

Equity-based compensation - Schedule of inputs (Details)	12 Months Ended
	Dec. 31, 2021CAD ($)$ / $$ / shares	Dec. 31, 2020CAD ($)$ / $$ / shares
Share-Based Payment Arrangements [Abstract]
Share price on balance sheet (in CAD per share)	$ 120.68	$ 81.72
Weighted average exercise price (in CAD per share)	$ 66.64	$ 53.64
Expected dividend (in CAD per share) | $	$ 1.01	$ 0.80
Expected volatility	42.94%	44.52%
Weighted average interest rate	1.11%	0.26%
Weighted average expected remaining life in years | $ / $	6.44	2.81

Finance expense, net (Details)

Finance expense, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Analysis of income and expense [abstract]
Interest expense	$ (48)	$ (32)
Interest income on short-term investments (note 4)	2	1
Interest income on duty deposits receivable (note 25)	9	13
Finance expense on employee future benefits	(8)	(9)
Finance expense, net	$ (45)	$ (27)

Other (Details)

Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Analysis of income and expense [abstract]
Foreign exchange loss	$ (5)	$ (4)
Settlement costs related to pension annuity purchase agreement	(12)	0
Gain (loss) on interest rate swap contracts	6	(4)
Other	9	(6)
Other	$ (2)	$ (14)

Tax provision - Major component

Tax provision - Major components of income tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings:
Current tax	$ (977)	$ (134)
Deferred tax	26	(68)
Tax provision on earnings	(951)	(202)
Other comprehensive earnings:
Deferred tax (provision) recovery on retirement benefit actuarial gain (loss)	(52)	2
Tax provision on comprehensive earnings	$ (1,003)	$ (200)

Tax provision - Income tax rate

Tax provision - Income tax rate reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of Income Tax [Abstract]
Income tax expense at statutory rate of 27%	$ (1,052)	$ (213)
Non-taxable amounts	(4)	(5)
Rate differentials between jurisdictions and on specified activities	116	21
Other	(11)	(5)
Tax provision on earnings	$ (951)	$ (202)

Tax provision - Deferred income

Tax provision - Deferred income tax liabilities (assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	$ 704	$ 255	$ 187
Deferred income tax assets	(8)	(9)	(8)
Deferred income tax liabilities	712	264	195
Deferred tax assets, net operating losses and other carryforwards	75
Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	68
State
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	409
Property, plant, equipment and intangibles
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	781	347	309
Reforestation and decommissioning obligations
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(30)	(28)	(26)
Employee benefits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(64)	(87)	(67)
Net investment in newsprint operations
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	44	46	15
Tax loss carry-forwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(10)	(14)	(41)
Other
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	$ (17)	$ (9)	$ (3)

Employee compensation - Narrati

Employee compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Analysis of income and expense [abstract]
Employee compensation expense	$ 1,070	$ 699

Employee compensation (Details)

Employee compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Expense
Salary and short-term employee benefits	$ 17	$ 7
Retirement benefits	2	1
Equity-based compensation (note 15)	36	17
Employee compensation expense	55	25
Payables and accrued liabilities
Compensation	7	3	$ 0
Equity-based compensation	46	32	16
Employee compensation payable	$ 53	$ 35	$ 16

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Earnings
Basic	$ 2,947	$ 588
Share option expense	47	20
Equity-settled share option adjustment	(5)	(2)
Diluted	$ 2,989	$ 606
Weighted average number of shares
Basic (in shares)	109,021	68,672
Share options (in shares)	539	191
Diluted (in shares)	109,560	68,863
Earnings per share
Basic (in usd per share)	$ 27.03	$ 8.56
Diluted (in usd per share)	$ 27.03	$ 8.56

Government grants (Details)

Government grants (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Government Grants [Abstract]
Property plant, and equipment, government assistance	$ 5,000,000	$ 3,000,000
Cost of sales, government assistance	8,000,000	5,000,000
Other, government assistance	$ 7,000,000	$ 0

Financial instruments - Financi

Financial instruments - Financial assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 2,076	$ 738	$ 211
Financial assets, fair value	2,076	738	211
Financial liabilities	1,350	904	1,119
Financial liabilities, fair value	1,362	919	1,130
Cheques issued in excess of funds on deposit
Disclosure of detailed information about financial instruments [line items]
Financial liabilities			12
Financial liabilities, fair value			12
Operating loans, excluding deferred financing costs
Disclosure of detailed information about financial instruments [line items]
Financial liabilities			290
Financial liabilities, fair value			290
Payables and accrued liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	848	389	305
Financial liabilities, fair value	848	389	305
Long-term debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	501	509	510
Financial liabilities, fair value	513	524	521
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1	6	2
Financial liabilities, fair value	1	6	2
Financial assets or financial liabilities at FVTPL
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1	8	2
Financial assets or financial liabilities at FVTPL | Payables and accrued liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	0	2
Financial assets or financial liabilities at FVTPL | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1	6	2
Financial assets or financial liabilities at FVTPL | Equity Derivative
Disclosure of detailed information about financial instruments [line items]
Financial liabilities		2	2
Financial liabilities at amortized cost
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	1,349	896	1,117
Financial liabilities at amortized cost | Cheques issued in excess of funds on deposit
Disclosure of detailed information about financial instruments [line items]
Financial liabilities			12
Financial liabilities at amortized cost | Operating loans, excluding deferred financing costs
Disclosure of detailed information about financial instruments [line items]
Financial liabilities			290
Financial liabilities at amortized cost | Payables and accrued liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	848	387	305
Financial liabilities at amortized cost | Long-term debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	501	509	510
Cash and short-term investments
Disclosure of detailed information about financial instruments [line items]
Financial assets	1,568	461	12
Financial assets, fair value	1,568	461	12
Receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets	508	277	199
Financial assets, fair value	508	277	199
Financial assets at amortized cost
Disclosure of detailed information about financial instruments [line items]
Financial assets	2,076	738	209
Financial liabilities	0
Financial assets at amortized cost | Cash and short-term investments
Disclosure of detailed information about financial instruments [line items]
Financial assets	1,568	461	12
Financial assets at amortized cost | Receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 508	$ 277	$ 197

Financial instruments - Narrati

Financial instruments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)	Feb. 01, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Disclosure of financial assets [line items]
Financial assets	$ 2,076		$ 738	$ 211
Total debt	595		571	857
United States of America, Dollars
Disclosure of financial assets [line items]
Change in value of earnings, increase (decrease) of one cent increase (decrease)	3
Change in value of foreign currency, increase (decrease) of one cent increase (decrease)	6
CAD millions
Disclosure of financial assets [line items]
Change in value of earnings, increase (decrease) of one cent increase (decrease)	3
Change in value of foreign currency, increase (decrease) of one cent increase (decrease)	6
GBP millions
Disclosure of financial assets [line items]
Change in value of foreign currency, increase (decrease) of one cent increase (decrease)	6
EUR millions
Disclosure of financial assets [line items]
Change in value of foreign currency, increase (decrease) of one cent increase (decrease)	$ 6
Term loan
Disclosure of financial assets [line items]
Total debt		$ 200
Term loan due August 2024; floating interest rate
Disclosure of financial assets [line items]
Borrowings, maturity	five-year
Total debt	$ 200
Interest rate swap contracts
Disclosure of financial assets [line items]
Financial assets	200
Receivables
Disclosure of financial assets [line items]
Financial assets	$ 508		$ 277	$ 199
Receivables | Credit risk
Disclosure of financial assets [line items]
Credit risk	0.35		0.24	0.40

Financial instruments - Aging a

Financial instruments - Aging analysis of trade accounts receivable (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Trade accounts receivable	$ 441	$ 244	$ 159
Insurance receivable	6	0	9
Government assistance	1	5	5
Sales taxes receivable	28	11	8
Other	32	17	18
Total trade and other current receivables	508	277	199
Cash outflows	1,375
Long-term debt	499
Interest on long-term debt	0
Current
Disclosure of detailed information about financial instruments [line items]
Trade accounts receivable	403	220	150
Past due 1 to 30 days
Disclosure of detailed information about financial instruments [line items]
Trade accounts receivable	30	22	9
Past due 31 to 60 days
Disclosure of detailed information about financial instruments [line items]
Trade accounts receivable	3	1	0
Past due over 60 days
Disclosure of detailed information about financial instruments [line items]
Trade accounts receivable	$ 5	$ 1	$ 0

Financial instruments - Contrac

Financial instruments - Contractual future cash outflows for long-term debt (Details) $ in Millions	Dec. 31, 2021USD ($)
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Long-term debt	$ 499
Interest on long-term debt	0
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	28
Cash outflows	1,375
Bonds Issued, Payables and Accrued Liabilities, Undiscounted Cash Flows	848
Total
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Long-term debt	501
Interest on long-term debt	52
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	29
Cash outflows	1,430
Bonds Issued, Payables and Accrued Liabilities, Undiscounted Cash Flows	848
2022
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Long-term debt	0
Interest on long-term debt	19
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	11
Cash outflows	878
Bonds Issued, Payables and Accrued Liabilities, Undiscounted Cash Flows	848
2023
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Long-term debt	0
Interest on long-term debt	19
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	6
Cash outflows	25
Bonds Issued, Payables and Accrued Liabilities, Undiscounted Cash Flows	0
2024
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Long-term debt	501
Interest on long-term debt	14
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	5
Cash outflows	520
Bonds Issued, Payables and Accrued Liabilities, Undiscounted Cash Flows	0
2025
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Long-term debt	0
Interest on long-term debt	0
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	2
Cash outflows	2
Bonds Issued, Payables and Accrued Liabilities, Undiscounted Cash Flows	0
Thereafter
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Long-term debt	0
Interest on long-term debt	0
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	5
Cash outflows	5
Bonds Issued, Payables and Accrued Liabilities, Undiscounted Cash Flows	$ 0

Financial instruments - Finan_2

Financial instruments - Financial instruments indexed to LIBOR (Details) - USD ($) $ in Millions	Dec. 31, 2021	Feb. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments [line items]
Debt	$ 595		$ 571	$ 857
Term loan
Disclosure of detailed information about financial instruments [line items]
Debt		$ 200
Term loan | Financial instruments indexed to LIBOR
Disclosure of detailed information about financial instruments [line items]
Debt	199
Interest rate swap contracts | Financial instruments indexed to LIBOR
Disclosure of detailed information about financial instruments [line items]
Derivatives	$ 1

Financial instruments - Foreign

Financial instruments - Foreign currency balance sheet exposure (Details) - Dec. 31, 2021 € in Millions, £ in Millions, $ in Millions	CAD ($)	GBP (£)	EUR (€)
CAD millions | Net Canadian dollar monetary asset (liability)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Foreign currency balance sheet exposure	$ (665)
CAD millions | Net investment in newsprint operations
Disclosure of nature and extent of risks arising from financial instruments [line items]
Foreign currency balance sheet exposure	$ 46
GBP millions | Intercompany financing
Disclosure of nature and extent of risks arising from financial instruments [line items]
Foreign currency balance sheet exposure | £		£ 308
EUR millions | Long-term debt
Disclosure of nature and extent of risks arising from financial instruments [line items]
Foreign currency balance sheet exposure | €			€ 45

Capital disclosures (Details)

Capital disclosures (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of detailed information about borrowings [line items]
Total debt	$ 595	$ 571	$ 857
Cash and short-term investments	1,568	461	12
Cheques issued in excess of funds on deposit	0	0	12
Net debt	(1,039)	54	808
Shareholders’ equity	7,656	2,478	1,905
Total capital	$ 8,251	$ 3,049	$ 2,762
Total debt to total capital	7.00%	19.00%	31.00%
Total capital, net of cash	$ 6,617	$ 2,532	$ 2,713
Net debt to total capital	(16.00%)	2.00%	30.00%
Operating loans, excluding deferred financing costs
Disclosure of detailed information about borrowings [line items]
Total debt	$ 0	$ 0	$ 290
Current and long-term lease obligation
Disclosure of detailed information about borrowings [line items]
Total debt	28	6	8
Long-term debt, excluding deferred financing costs
Disclosure of detailed information about borrowings [line items]
Total debt	501	509	510
Interest rate swaps
Disclosure of detailed information about borrowings [line items]
Total debt	1	6	2
Open letters of credit
Disclosure of detailed information about borrowings [line items]
Total debt	$ 65	$ 50	$ 47

Segment and geographical info_3

Segment and geographical information - Segment information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of operating segments [line items]
Sales	$ 10,518	$ 4,373
Cost of products sold	(4,645)	(2,559)
Freight and other distribution costs	(846)	(529)
Export duties, net	(146)	(57)
Amortization	(584)	(203)
Selling, general and administration	(312)	(185)
Equity-based compensation	(40)	(9)
Operating earnings	3,945	831
Finance expense, net	(45)	(27)
Other	(2)	(14)
Earnings before tax	3,898	790
Total assets	10,433	4,178	$ 3,594
Total liabilities	2,777	1,700	$ 1,689
Lumber
Disclosure of operating segments [line items]
Sales	4,910	3,356
NA EWP
Disclosure of operating segments [line items]
Sales	4,273	474
Pulp & Paper
Disclosure of operating segments [line items]
Sales	727	648
Europe EWP
Disclosure of operating segments [line items]
Sales	723	0
Corporate & Other
Disclosure of operating segments [line items]
Sales	(115)	(105)
Operating segments
Disclosure of operating segments [line items]
Sales	10,518	4,373
Cost of products sold	(4,645)	(2,559)
Freight and other distribution costs	(846)	(529)
Export duties, net	(146)	(57)
Amortization	(584)	(203)
Selling, general and administration	(312)	(185)
Equity-based compensation	(40)	(9)
Operating earnings	3,945	831
Finance expense, net	(45)	(27)
Other	(2)	(14)
Earnings before tax	3,898	790
Total assets	10,433	4,178
Total liabilities	2,777	1,700
Capital expenditures1	635	180
Operating segments | Lumber
Disclosure of operating segments [line items]
Sales	4,804	3,258
Cost of products sold	(2,241)	(1,871)
Freight and other distribution costs	(404)	(361)
Export duties, net	(146)	(57)
Amortization	(164)	(151)
Selling, general and administration	(146)	(128)
Equity-based compensation	0	0
Operating earnings	1,809	788
Finance expense, net	(17)	(17)
Other	2	(2)
Earnings before tax	1,794	769
Total assets	3,557	3,138
Total liabilities	668	520
Capital expenditures1	146	149
Operating segments | NA EWP
Disclosure of operating segments [line items]
Sales	4,264	467
Cost of products sold	(1,521)	(303)
Freight and other distribution costs	(262)	(42)
Export duties, net	0	0
Amortization	(289)	(13)
Selling, general and administration	(76)	(22)
Equity-based compensation	0	0
Operating earnings	2,125	94
Finance expense, net	(3)	(4)
Other	(1)	5
Earnings before tax	2,121	95
Total assets	4,154	249
Total liabilities	552	45
Capital expenditures1	424	10
Operating segments | Pulp & Paper
Disclosure of operating segments [line items]
Sales	727	648
Cost of products sold	(541)	(490)
Freight and other distribution costs	(137)	(126)
Export duties, net	0	0
Amortization	(34)	(31)
Selling, general and administration	(34)	(33)
Equity-based compensation	0	0
Operating earnings	(19)	(32)
Finance expense, net	(5)	(6)
Other	2	(8)
Earnings before tax	(22)	(46)
Total assets	448	432
Total liabilities	99	130
Capital expenditures1	35	19
Operating segments | Europe EWP
Disclosure of operating segments [line items]
Sales	723	0
Cost of products sold	(457)	0
Freight and other distribution costs	(43)	0
Export duties, net	0	0
Amortization	(88)	0
Selling, general and administration	(22)	0
Equity-based compensation	0	0
Operating earnings	113	0
Finance expense, net	(1)	0
Other	0	0
Earnings before tax	112	0
Total assets	953	0
Total liabilities	223	0
Capital expenditures1	28	0
Operating segments | Corporate & Other
Disclosure of operating segments [line items]
Sales	0	0
Cost of products sold	115	105
Freight and other distribution costs	0	0
Export duties, net	0	0
Amortization	(9)	(8)
Selling, general and administration	(34)	(2)
Equity-based compensation	(40)	(9)
Operating earnings	(83)	(19)
Finance expense, net	(19)	0
Other	(5)	(9)
Earnings before tax	(107)	(28)
Total assets	1,321	359
Total liabilities	1,235	1,005
Capital expenditures1	2	2
Elimination of intersegment amounts
Disclosure of operating segments [line items]
Sales	0	0
Elimination of intersegment amounts | Lumber
Disclosure of operating segments [line items]
Sales	106	98
Elimination of intersegment amounts | NA EWP
Disclosure of operating segments [line items]
Sales	9	7
Elimination of intersegment amounts | Pulp & Paper
Disclosure of operating segments [line items]
Sales	0	0
Elimination of intersegment amounts | Europe EWP
Disclosure of operating segments [line items]
Sales	0	0
Elimination of intersegment amounts | Corporate & Other
Disclosure of operating segments [line items]
Sales	$ (115)	$ (105)

Segment and geographical info_4

Segment and geographical information - Geographic distribution (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of operating segments [line items]
Non-current assets	$ 7,216	$ 2,842	$ 2,711
Sales	10,518	4,373
Canada
Disclosure of operating segments [line items]
Non-current assets	3,825	1,654	1,577
Sales	1,682	853
United States
Disclosure of operating segments [line items]
Non-current assets	2,838	1,188	1,134
Sales	7,286	2,860
China
Disclosure of operating segments [line items]
Non-current assets	0	0	0
Sales	465	467
Other Asia
Disclosure of operating segments [line items]
Non-current assets	0	0	0
Sales	341	174
Other
Disclosure of operating segments [line items]
Non-current assets	0	0	0
Sales	7	2
Europe
Disclosure of operating segments [line items]
Non-current assets	553	0	$ 0
Sales	$ 737	$ 17

Countervailing ("CVD") and an_3

Countervailing ("CVD") and antidumping ("ADD") duty dispute - CVD and ADD Rates (Details)	Jan. 10, 2022	Dec. 31, 2021
AR1 POI
Antidumping Info [Abstract]
West Fraser Estimated Rate		1.46%
AR1 POI | Effective Date One
Countervailing Info [Abstract]
Cash Deposit Rate		24.12%
AR POI Final Rate		6.76%
Antidumping Info [Abstract]
Cash Deposit Rate		6.76%
AR POI Final Rate		1.40%
West Fraser Estimated Rate		1.46%
AR1 POI | Effective Date Two
Countervailing Info [Abstract]
Cash Deposit Rate		0.00%
AR POI Final Rate		0.00%
Antidumping Info [Abstract]
Cash Deposit Rate		5.57%
AR POI Final Rate		1.40%
AR1 POI | Effective Date Three
Countervailing Info [Abstract]
Cash Deposit Rate		17.99%
AR POI Final Rate		6.76%
Antidumping Info [Abstract]
Cash Deposit Rate		5.57%
AR POI Final Rate		1.40%
AR1 POI | Effective Date Four
Countervailing Info [Abstract]
Cash Deposit Rate		17.99%
AR POI Final Rate		7.57%
AR2 POI | Effective Date Five
Countervailing Info [Abstract]
Cash Deposit Rate		17.99%
AR POI Final Rate		5.08%
Antidumping Info [Abstract]
Cash Deposit Rate		5.57%
AR POI Final Rate		6.06%
West Fraser Estimated Rate		4.65%
AR3 POI | Effective Date Six
Countervailing Info [Abstract]
Cash Deposit Rate		17.99%
Antidumping Info [Abstract]
Cash Deposit Rate		5.57%
West Fraser Estimated Rate		3.40%
AR3 POI | Effective Date Seven
Countervailing Info [Abstract]
Cash Deposit Rate		7.57%
Antidumping Info [Abstract]
Cash Deposit Rate		1.40%
West Fraser Estimated Rate		3.40%
AR3 POI | Effective Date Eight
Countervailing Info [Abstract]
Cash Deposit Rate		8.46%
Antidumping Info [Abstract]
Cash Deposit Rate		4.63%
AR4 POI | Effective Date Eight
Countervailing Info [Abstract]
Cash Deposit Rate		7.57%
Antidumping Info [Abstract]
Cash Deposit Rate		1.40%
West Fraser Estimated Rate		6.80%
AR4 POI | Effective Date Nine
Countervailing Info [Abstract]
Cash Deposit Rate		5.06%
Antidumping Info [Abstract]
Cash Deposit Rate		6.06%
West Fraser Estimated Rate		6.80%
AR4 POI | Rate Change | Effective Date Nine
Countervailing Info [Abstract]
Cash Deposit Rate	5.08%

Countervailing ("CVD") and an_4

Countervailing ("CVD") and antidumping ("ADD") duty dispute - Impact on results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disclosure of contingent liabilities [line items]
Cash deposits paid	$ (132)	$ (161)
Adjust to West Fraser Estimated ADD rate	(69)	9
Effective duty expense for period	(201)	(152)
Duty recovery attributable to AR1	0	95
Duty recovery attributable to AR2	55	0
Duty expense	(146)	(57)
Interest income on duty deposits attributable to West Fraser Estimated rate adjustments	2	2
Interest income on the AR1 and AR2 duty deposits receivable	7	11
Interest income on duty deposits	$ 9	$ 13
Antidumping and Countervailing Combine Rates	19.39%
Effective Date Nine
Disclosure of contingent liabilities [line items]
Antidumping and Countervailing Combine Rates	11.86%
Effective Date Ten
Disclosure of contingent liabilities [line items]
Antidumping and Countervailing Combine Rates	10.97%
AR3 POI | Effective Date Six
Disclosure of contingent liabilities [line items]
Antidumping and Countervailing Combine Rates	23.56%
AR3 POI | Effective Date Seven
Disclosure of contingent liabilities [line items]
Antidumping and Countervailing Combine Rates	8.97%
AR3 POI | Effective Date Eleven
Disclosure of contingent liabilities [line items]
Antidumping and Countervailing Combine Rates	21.39%
AR4 POI | Effective Date Nine
Disclosure of contingent liabilities [line items]
Antidumping and Countervailing Combine Rates	11.12%
AR4 POI | Effective Date Eight
Disclosure of contingent liabilities [line items]
Antidumping and Countervailing Combine Rates	14.37%

Countervailing ("CVD") and an_5

Countervailing ("CVD") and antidumping ("ADD") duty dispute - Impact on balance sheet (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Export Duty Deposits Receivable [Roll Forward]
Beginning of year	$ 178	$ 61
Export duties recognized as duty deposits receivable	55	104
Interest income on duty deposits	9	13
End of year	242	178
Export Duties Payable [Roll Forward]
Beginning of year	0	0
Export duties payable related to AR4	(69)
End of year	$ 69	$ 0

Countervailing ("CVD") and an_6

Countervailing ("CVD") and antidumping ("ADD") duty dispute - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disclosure of contingent liabilities [line items]
Export duties payable	$ 69	$ 0	$ 0
AR4 POI | Effective Date Nine
Disclosure of contingent liabilities [line items]
Cash Deposit Rate	5.06%
Cash Deposit Rate	6.06%
West Fraser Estimated Rate	6.80%
AR4 POI | Effective Date Eight
Disclosure of contingent liabilities [line items]
Cash Deposit Rate	7.57%
Cash Deposit Rate	1.40%
West Fraser Estimated Rate	6.80%
AR2 POI | Effective Date Five
Disclosure of contingent liabilities [line items]
Cash Deposit Rate	17.99%
AR POI Final Rate	5.08%
Cash Deposit Rate	5.57%
West Fraser Estimated Rate	4.65%
AR3 POI
Disclosure of contingent liabilities [line items]
Countervailing and antidumping, potential recovery, amount	$ 43
Combined Cash Deposit Rate	13.09%
AR3 POI | Effective Date Eight
Disclosure of contingent liabilities [line items]
Cash Deposit Rate	8.46%
Cash Deposit Rate	4.63%
USDOC
Disclosure of contingent liabilities [line items]
Export duties payable	$ 662