Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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, 2023 | |
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 | 1500 – 885 West Georgia Street | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | BC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | V6C 3E8 | |
City Area Code | 604 | |
Local Phone Number | 895-2700 | |
Title of 12(b) Security | Common Shares, no par value | |
Trading Symbol | WFG | |
Security Exchange Name | NYSE | |
Annual Information Form | true | |
Audited Annual Financial Statements | true | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Entity Central Index Key | 0001402388 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Entity Current Reporting Status | Yes | |
Share capital | ||
Document Information [Line Items] | ||
Number of shares issued | 81,720,996 | 83,555,414 |
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, 2023 | |
Auditor Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Vancouver, Canada |
Auditor Firm ID | 271 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 900,000,000 | $ 1,162,000,000 |
Receivables | 311,000,000 | 350,000,000 |
Income taxes receivable | 93,000,000 | 145,000,000 |
Inventories | 851,000,000 | 1,032,000,000 |
Prepaid expenses | 40,000,000 | 60,000,000 |
Assets held for sale | 182,000,000 | 0 |
Current assets | 2,377,000,000 | 2,749,000,000 |
Property, plant and equipment | 3,835,000,000 | 3,982,000,000 |
Timber licences | 376,000,000 | 351,000,000 |
Goodwill and other intangible assets | 2,307,000,000 | 2,358,000,000 |
Export duty deposits | 377,000,000 | 354,000,000 |
Other assets | 137,000,000 | 175,000,000 |
Deferred income tax assets | 6,000,000 | 4,000,000 |
Assets | 9,415,000,000 | 9,973,000,000 |
Current liabilities | ||
Payables and accrued liabilities | 620,000,000 | 722,000,000 |
Current portion of long-term debt | 300,000,000 | 0 |
Current portion of reforestation and decommissioning obligations | 60,000,000 | 58,000,000 |
Income taxes payable | 7,000,000 | 12,000,000 |
Liabilities associated with assets held for sale | 63,000,000 | 0 |
Current liabilities | 1,050,000,000 | 792,000,000 |
Long-term debt | 199,000,000 | 499,000,000 |
Other liabilities | 260,000,000 | 268,000,000 |
Deferred income tax liabilities | 683,000,000 | 795,000,000 |
Liabilities | 2,193,000,000 | 2,354,000,000 |
Shareholders’ Equity | ||
Share capital | 2,607,000,000 | 2,667,000,000 |
Retained earnings | 4,913,000,000 | 5,284,000,000 |
Accumulated other comprehensive loss | (297,000,000) | (332,000,000) |
Shareholders’ equity | 7,223,000,000 | 7,619,000,000 |
Liabilities and shareholders' equity | $ 9,415,000,000 | $ 9,973,000,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Profit or loss [abstract] | ||
Sales | $ 6,454 | $ 9,701 |
Costs and expenses | ||
Cost of products sold | 4,685 | 5,142 |
Freight and other distribution costs | 894 | 963 |
Export duties, net | 8 | 18 |
Amortization | 541 | 589 |
Selling, general and administration | 307 | 365 |
Equity-based compensation | 25 | 5 |
Restructuring and impairment charges | 279 | 60 |
Operating expense | 6,738 | 7,142 |
Profit (loss) from operating activities | (284) | 2,559 |
Finance income (expense), net | 51 | (3) |
Other income | 5 | 37 |
Earnings (loss) before tax | (228) | 2,593 |
Tax recovery (provision) | 61 | (618) |
Earnings (loss) | $ (167) | $ 1,975 |
Earnings per share | ||
Basic (in usd per share) | $ (2.01) | $ 21.06 |
Diluted (in usd per share) | $ (2.01) | $ 20.86 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of comprehensive income [abstract] | ||
Earnings (loss) | $ (167) | $ 1,975 |
Items that may be reclassified to earnings | ||
Translation loss on foreign operations | 34 | (83) |
Items that will not be reclassified to earnings | ||
Actuarial gain on retirement benefits, net of tax | (35) | 164 |
Total other comprehensive income | 0 | 81 |
Comprehensive earnings (loss) | $ (167) | $ 2,056 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Share Capital | Retained Earnings | Accumulated Other Comprehensive Loss | |
Balance, beginning of year (in shares) at Dec. 31, 2021 | 105,928,734 | ||||
Balance, beginning of year at Dec. 31, 2021 | $ 7,656 | $ 3,402 | $ 4,503 | $ (249) | |
Earnings (loss) | 1,975 | 1,975 | |||
Translation loss on foreign operations | (83) | (83) | |||
Actuarial gain on retirement benefits, net of tax | 164 | 164 | |||
Repurchase of common shares for cancellation (in share) | (22,373,320) | ||||
Repurchase of Common shares for cancellation | (1,990) | $ (735) | (1,255) | ||
Dividends declared | [1] | (103) | (103) | ||
Balance, end of year (in shares) at Dec. 31, 2022 | 83,555,414 | ||||
Balance, end of year at Dec. 31, 2022 | 7,619 | $ 2,667 | 5,284 | (332) | |
Earnings (loss) | (167) | (167) | |||
Translation loss on foreign operations | 34 | 34 | |||
Actuarial gain on retirement benefits, net of tax | (35) | (35) | |||
Issuance of common shares | 383 | ||||
Issuance of Common shares | 0 | $ 0 | |||
Repurchase of common shares for cancellation (in share) | (1,834,801) | ||||
Repurchase of Common shares for cancellation | (129) | $ (60) | (69) | ||
Dividends declared | [1] | (100) | (100) | ||
Balance, end of year (in shares) at Dec. 31, 2023 | 81,720,996 | ||||
Balance, end of year at Dec. 31, 2023 | $ 7,223 | $ 2,607 | $ 4,913 | $ (297) | |
[1] Cash dividends declared during the year ended December 31, 2022 were $1.15 per share. Cash dividends declared during the year ended December 31, 2023 were $1.20 per share. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of changes in equity [abstract] | ||
Dividends recognised as distributions to owners per share | $ 1.20 | $ 1.15 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash provided by operating activities | ||
Earnings (loss) | $ (167) | $ 1,975 |
Adjustments | ||
Amortization | 541 | 589 |
Restructuring and impairment charges | 279 | 60 |
Finance (income) expense, net | (51) | 3 |
Foreign exchange loss (gain) | 7 | (28) |
Export duty | (45) | (99) |
Retirement benefit expense | 77 | 103 |
Net contributions to retirement benefit plans | (37) | (76) |
Tax (recovery) provision | (61) | 618 |
Income taxes paid | (24) | (982) |
Other | (4) | (11) |
Changes in non-cash working capital | ||
Receivables | 6 | 140 |
Inventories | 132 | 20 |
Prepaid expenses | 4 | (6) |
Payables and accrued liabilities | (131) | (99) |
Cash flows from operating activities | 525 | 2,207 |
Cash used for financing activities | ||
Repayment of lease obligations | (15) | (14) |
Finance expense paid | (24) | (23) |
Repurchase of Common shares for cancellation | (129) | (1,990) |
Dividends paid | (100) | (99) |
Cash flows used in financing activities | (268) | (2,126) |
Cash used for investing activities | ||
Spray Lake Acquisition, net of cash acquired | (100) | 0 |
Additions to capital assets | (477) | (477) |
Interest received | 47 | 17 |
Other | 0 | 1 |
Cash flows used in investing activities | (530) | (459) |
Change in cash and cash equivalents | (273) | (378) |
Foreign exchange effect on cash and cash equivalents | 10 | (28) |
Cash and cash equivalents at beginning of period | 1,162 | 1,568 |
Cash and cash equivalents at end of period | $ 900 | $ 1,162 |
Nature of operations
Nature of operations | 12 Months Ended |
Dec. 31, 2023 | |
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 885 West Georgia Street, Suite 1500, 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, 2023 | |
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 Accounting Standards”) and were approved by our Board of Directors on February 14, 2024. Figures have been rounded to millions of dollars to reflect the accuracy of the underlying balances and as a result certain tables may not add due to rounding impacts. Assets and liabilities subject to transfer as a result of the pending sales of the Hinton pulp mill, Quesnel River Pulp mill, and Slave Lake Pulp mill have been presented as part of assets held for sale and liabilities held for sale respectively (see note 6) and are not included in the other December 31, 2023 balance sheet amounts presented throughout. Material accounting policies that relate to the consolidated financial statements as a whole are incorporated in this note. Where a material 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 – Fair value less costs to sell of disposal group held for sale • Note 7-9, 17 – Recoverability of PPE, timber licences, and other intangible assets • Note 7 – Estimated useful lives of PPE • Note 9 – Recoverability of goodwill • Note 12 – Reforestation and decommissioning obligations • Note 14 – Defined benefit pension plans • Note 20 – Income taxes • Note 26 – 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 the individual terms of the sales contract and typically occurs when the product is loaded on a common carrier at our mill, loaded on an ocean carrier, or delivered to the customer. 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. Reporting currency and foreign currency translation The consolidated financial statements are presented in USD, which is 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 income (expense). 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. Our Spray Lake lumber mill (note 3) and jointly-owned newsprint operation have 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 loss. Impairment of capital assets We assess property, plant and equipment, timber licences, and other definite-lived intangible assets for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount of the asset 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, the recoverability of an asset or CGU 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 and 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 using a discounted cash flow model 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 an asset or CGU 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. 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. Application of new and revised accounting standards We have adopted the amendments to IAS 1 Presentation of Financial Statements regarding the disclosure of material accounting policies, amendments to IAS 8 Changes in Accounting Estimates and Errors regarding the definition of accounting estimates, and amendments to IAS 12 Income Taxes regarding deferred tax related to assets and liabilities arising from a single transaction, which were effective for annual periods beginning on or after January 1, 2023. In addition, we have adopted the amendments to IAS 12 Income Taxes regarding relief from deferred tax accounting for top-up tax under Pillar Two, which was effective from May 23, 2023 onwards. These amendments did not have a material impact on our consolidated financial statements. Accounting standards issued but not yet applied Amendments to IAS 1, Presentation of Financial Statements In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) . The amendments clarify that the classification of liabilities as current or non-current should be based on rights that exist at the end of the reporting period. The amendments also clarify the definition of a settlement and provide situations that would be considered as a settlement of a liability. In October 2022, the IASB issued Non-current Liabilities with Covenants (Amendments to IAS 1) . These further amendments clarify how to address the effects on classification and disclosure of covenants that an entity is required to comply with on or before the reporting date and covenants that an entity must comply with only after the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2024. These amendments are not expected to have a material impact on our consolidated financial statements. There are no other standards or amendments or interpretations to existing standards issued but not yet effective that are expected to have a material impact on our consolidated financial statements. |
Business acquisitions
Business acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Acquisitions [Abstract] | |
Business acquisitions | Business acquisition 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 timber licenses. We applied the market comparison approach and cost approach 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. The fair value of timber licenses acquired was determined by using a market comparison technique based on precedent transactions in Western Canada. On November 17, 2023, we acquired 100 percent of the shares in Spray Lake Sawmills (1980) Ltd., which operates a lumber mill located in Cochrane, Alberta, and the associated timber licenses (“Spray Lake Acquisition”) for preliminary cash consideration of $102 million (CAD$140 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 $ 102 Fair value of net assets acquired: Cash $ 1 Accounts receivable 3 Inventories 24 Prepaid expenses 1 Income taxes receivable 1 Property, plant and equipment 58 Timber licenses 42 Payables and accrued liabilities (8) Other liabilities (3) Deferred income tax liabilities (18) $ 102 1. A net outflow comprising the cash consideration of $102 million net of cash acquired of $1 million is presented in the consolidated statements of cash flows. Purchase consideration is preliminary as at December 31, 2023 and is subject to finalization of certain post-close working capital adjustments. Our valuation of property, plant and equipment and intangible assets remains preliminary as at December 31, 2023. We have incorporated the mill into our Lumber segment. Acquisition costs were nominal and have been expensed in selling, general, and administration. The following table represents the actual results of Spray Lake included in our consolidated statements of earnings (loss) from the date of acquisition to December 31, 2023. ($ millions) Sales $ 5 Operating loss 1 $ (2) Loss 1 $ (1) 1. Operating loss and loss include a one-time charge of $2 million related to inventory purchase price accounting. The following table represents the proforma results of operations for the year ended December 31, 2023 assuming the Spray Lake Acquisition occurred on January 1, 2023 and that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition occurred on January 1, 2023. Proforma 2023 Results ($ millions) West Fraser Actual Results 2 2023 Spray Lake Proforma Results 1 Jan-23 to Nov-23 West Fraser Proforma Results 1,2 2023 Sales 6,454 75 $ 6,529 Operating earnings (loss) (284) 8 $ (276) Earnings (loss) (167) 9 $ (158) 1. These proforma results have been provided as required per IFRS 3 Business Combinations . West Fraser proforma 2023 results presents West Fraser’s results as if the Spray Lake Acquisition were completed on January 1, 2023. 2. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards, Amendments and Interpretations Issued but not yet Applied [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents Accounting policies Cash and cash equivalents consist of cash on deposit and short‑term interest-bearing securities maturing within three months of the date of purchase. Supporting information December 31, December 31, As at 2023 2022 Cash $ 513 $ 706 Cash equivalents 387 456 $ 900 $ 1,162 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
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 As at December 31, 2023 December 31, 2022 Manufactured products $ 363 $ 428 Logs and other raw materials 257 376 Materials and supplies 231 228 $ 851 $ 1,032 Inventories at December 31, 2023 were subject to a valuation reserve of $31 million (December 31, 2022 - $61 million) to reflect net realizable value being lower than cost. The carrying amount of inventory recorded at net realizable value was $118 million at December 31, 2023 (December 31, 2022 - $232 million), with the remaining inventory recorded at cost. |
Disposal groups held for sale
Disposal groups held for sale | 12 Months Ended |
Dec. 31, 2023 | |
Disposal Groups Held For Sale [Abstract] | |
Disposal groups held for sale | Disposal groups held for sale Accounting policies Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets or disposal groups are generally measured at the lower of their carrying amount and fair value less costs to sell. Any excess of carrying value over fair value less costs to sell is recognized as impairment loss. Impairment loss on a disposal group is allocated first to goodwill, if any, and then to the remaining non-current assets within the scope of the measurement requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations on a pro-rata basis. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognized in earnings. Once classified as held-for-sale, property, plant and equipment and timber licenses are no longer depreciated. Supporting information Sale of Hinton pulp mill On July 10, 2023, we announced an agreement to sell our unbleached softwood kraft pulp mill in Hinton, Alberta to Mondi Group plc (“Mondi”). The transaction closed on February 3, 2024 following the completion of regulatory reviews and satisfaction of customary closing conditions. The facility is presented as a disposal group held for sale at December 31, 2023. Under the terms of the agreement, Mondi purchased specified assets, including property, plant and equipment and working capital, and assumed certain liabilities related to the Hinton pulp mill in exchange for a base purchase price of $5 million prior to working capital and other adjustments specified in the asset purchase agreement. Pursuant to the transaction, we will continue to supply fibre to the Hinton pulp mill under long-term contract, via residuals from our Alberta lumber mills. An impairment loss of $121 million in relation to the sale of the Hinton pulp mill has been included in Restructuring and impairment charges in the year ended December 31, 2023 (see note 17). The impairment loss includes remeasurements of estimated working capital adjustments specified in the asset purchase agreement. Sale of Quesnel River Pulp mill and Slave Lake Pulp mill On September 22, 2023, we announced an agreement to sell our two bleached chemithermomechanical pulp (“BCTMP”) mills, Quesnel River Pulp mill in Quesnel, B.C. and Slave Lake Pulp mill in Slave Lake, Alberta to an affiliate of Atlas Holdings (“Atlas”). The transaction is anticipated to close following successful completion of customary regulatory reviews and customary closing conditions. Activities in respect of the closing conditions are proceeding and we anticipate closing the transaction in early 2024. The facilities are presented as a disposal group held for sale at December 31, 2023. Under the terms of the agreement, Atlas will purchase specified assets, including property, plant and equipment, working capital, certain timber licenses in Alberta, and assume certain liabilities related to the mills and timber licenses in exchange for a base purchase price of $120 million prior to working capital adjustments specified in the asset purchase agreement. Pursuant to the transaction, we will continue to supply fibre to the Quesnel River Pulp mill under long-term contract. An impairment loss of $20 million in relation to the sale of the Quesnel River Pulp mill and Slave Lake Pulp mill has been included in Restructuring and impairment charges in the year ended December 31, 2023 (see note 17). Carrying values of disposal groups As at December 31, 2023, the disposal group comprised the following assets and liabilities: Receivables $ 49 Inventories 72 Prepaid expenses 2 Property, plant and equipment 54 Timber licenses 3 Retirement assets 3 Assets held for sale $ 182 Payables and accrued liabilities $ 58 Reforestation and decommissioning obligations 2 Retirement liabilities 3 Liabilities associated with assets held for sale $ 63 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
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 3 - 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 December 31, 2021 $ 3,751 $ 252 $ 41 $ 56 $ 4,100 Additions 117 343 16 6 482 Amortization 1 (494) — (13) — (507) Impairment (note 17) (43) (3) — (2) (48) Foreign exchange (37) (2) — (1) (40) Disposals (3) (2) — — (5) Transfers 229 (229) — — — As at December 31, 2022 $ 3,520 $ 359 $ 44 $ 59 $ 3,982 As at December 31, 2022 Cost $ 6,702 $ 359 $ 157 $ 65 $ 7,283 Accumulated amortization (3,182) — (113) (6) (3,301) Net $ 3,520 $ 359 $ 44 $ 59 $ 3,982 As at December 31, 2022 $ 3,520 $ 359 $ 44 $ 59 $ 3,982 Acquisition (note 3) 23 — — 36 58 Additions 257 244 13 1 516 Amortization 1 (451) — (11) (1) (462) Impairment (note 17) (202) (7) — — (209) Transfer to disposal groups held for sale (note 6) (50) — (3) (1) (54) Foreign exchange 17 1 — 2 19 Disposals (8) — — (1) (9) Transfers 217 (222) 2 (1) (4) As at December 31, 2023 $ 3,319 $ 376 $ 46 $ 94 $ 3,835 As at December 31, 2023 Cost $ 6,524 $ 376 $ 156 $ 95 $ 7,151 Accumulated amortization (3,205) — (110) (1) (3,316) Net $ 3,319 $ 376 $ 46 $ 94 $ 3,835 1. Amortization of $451 million relates to cost of products sold and $11 million relates to selling, general and administration expense (2022 - $499 million and $8 million, respectively). |
Timber licenses
Timber licenses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Timber licenses | Timber licenses Accounting policies Timber licences, which are renewable or replaceable, are recorded at historical cost, less accumulated amortization and impairment losses. Timber licences are amortized on a straight-line basis over their estimated useful lives of 40 years. Supporting information Timber licences As at December 31, 2021 $ 368 Amortization 1 (17) As at December 31, 2022 $ 351 As at December 31, 2022 Cost $ 641 Accumulated amortization (290) Net $ 351 As at December 31, 2022 $ 351 Acquisition (note 3) 42 Additions — Amortization 1 (16) Transfer to disposal groups held for sale (note 6) (3) Foreign exchange 2 As at December 31, 2023 $ 376 As at December 31, 2023 Cost $ 673 Accumulated amortization (297) Net $ 376 1. Amortization relates to cost of products sold. |
Goodwill and other intangibles
Goodwill and other intangibles | 12 Months Ended |
Dec. 31, 2023 | |
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 at December 31, or more frequently if an indicator of impairment is identified. The customer relationship intangible assets relate to the Norbord and Angelina Forest Products acquisitions and are amortized straight-line over 3 to 10 years. Other intangibles are recorded at historical cost less accumulated amortization and impairment losses. 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 and its value in use. An impairment loss 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 December 31, 2021 $ 1,975 $ 426 $ 39 $ 2,440 Amortization 1 — (54) (11) (65) Foreign exchange (11) (3) (1) (15) Finalization of purchase price allocation on Angelina acquisition (20) 21 — 1 Other — — (3) (3) As at December 31, 2022 $ 1,944 $ 390 $ 24 $ 2,358 As at December 31, 2022 Cost $ 1,944 $ 486 $ 74 $ 2,504 Accumulated amortization — (96) (50) (146) Net $ 1,944 $ 390 $ 24 $ 2,358 As at December 31, 2022 $ 1,944 $ 390 $ 24 $ 2,358 Additions — — 3 3 Amortization 1 — (53) (9) (62) Foreign exchange 5 2 — 6 Transfers — — 4 4 Other — — (2) (2) As at December 31, 2023 $ 1,949 $ 339 $ 20 $ 2,307 As at December 31, 2023 Cost $ 1,949 $ 489 $ 80 $ 2,518 Accumulated amortization — (150) (60) (211) Net $ 1,949 $ 339 $ 20 $ 2,307 1. Amortization of $62 million (2022 - $65 million) relates to selling, general and administration expense. Goodwill For the purposes of impairment testing, goodwill has been allocated to the following CGU groups: December 31, December 31, As at 2023 2022 Canadian lumber $ 171 $ 171 US lumber 409 409 North America EWP 1,280 1,280 Europe EWP 89 84 Total $ 1,949 $ 1,944 The recoverable amounts of the above CGU groups as at December 31, 2023 were determined based on their fair value less costs of disposal using discounted cash flow models. Cash flow forecasts were based on internal estimates for 2024 and 2025 and estimated mid-cycle earnings for subsequent years. Key assumptions include production volume, product pricing, raw material input cost, production cost, terminal multiple, 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. The post-tax discount rate used was 10.2%. As it relates to the North America EWP and Europe EWP CGU groups, a prolonged downturn in product pricing with an extended recovery could cause their carrying amounts to exceed their recoverable amounts. For North America EWP, an OSB pricing assumption of $289 to $320 per Msf 7/16” was used in determining the recoverable amount and a decrease of 4% in the pricing assumption, assuming all other variables remain constant, could cause the carrying amount to exceed the recoverable amount. For Europe EWP, a decrease of 1% in the pricing assumptions used, assuming all other variables remain constant, could cause the carrying amount to exceed the recoverable amount. |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other assets | Other assets December 31, December 31, As at Note 2023 2022 Retirement assets 14 $ 83 $ 132 Interest rate swap contracts 13 — 12 Electricity swaps 23 18 — Other 36 31 $ 137 $ 175 |
Payables and accrued liabilitie
Payables and accrued liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Payables and accrued liabilities | Payables and accrued liabilities December 31, December 31, As at Note 2023 2022 Trade accounts $ 417 $ 430 Accrued equity-based compensation 16 53 45 Compensation 66 152 Accrued export duties 26 5 4 Accrued dividends 25 25 Accrued interest 5 5 Current portion of lease obligations 13 11 Restructuring provision 3 10 Other 33 40 $ 620 $ 722 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other liabilities | Other liabilities As at Note December 31, 2023 December 31, 2022 Retirement liabilities 14 $ 106 $ 77 Long-term portion of reforestation obligations 53 55 Long-term portion of decommissioning obligations 16 15 Long-term portion of lease obligations 26 26 Export duties 26 24 73 Electricity swaps 23 12 4 Other 22 18 $ 260 $ 268 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 expected expenditures required to settle the obligations and are accrued and charged to earnings when timber is harvested. The reforestation obligation is accreted over time through charges to finance expense and reduced by silviculture expenditures. Changes to estimates are credited or charged to earnings. We record a liability for decommissioning obligations in the period a reasonable estimate can be made. The liability is determined using estimated closure and/or remediation costs and discounted using an appropriate discount rate. On initial recognition, the carrying value of the liability is added to the carrying amount of the associated asset and amortized over its useful life, or expensed when there is no related asset. The liability is accreted over time through charges to finance expense and reduced by actual costs of settlement. Changes to estimates result in an adjustment of the carrying amount of the associated asset or, where there is no asset, they are credited or charged to earnings. Reforestation and decommissioning obligations are discounted at the risk-free rate at the balance sheet date. Supporting information Reforestation Decommissioning Note 2023 2022 2023 2022 Beginning of year $ 93 $ 97 $ 35 $ 33 Acquisition 3 3 — 1 — Transfer to disposal groups held for sale 6 — — (2) — Liabilities recognized 46 51 3 5 Liabilities settled (52) (49) (1) (1) Foreign exchange 2 (6) 1 (2) End of year 92 93 37 35 Less: current portion (39) (38) (21) (20) $ 53 $ 55 $ 16 $ 15 The total undiscounted amount of the estimated cash flows required to satisfy these obligations is $137 million (December 31, 2022 - $159 million). The cash flows have been discounted using risk-free rates ranging from 2.50% to 3.88% (2022 - 3.27% to 5.51%). The timing of reforestation expenditures is based on the estimated period required to ensure the associated areas are well established and attain free to grow status, which is generally between 12 to 15 years. Payments relating to landfill closures and site remediation are expected to occur over periods ranging up to 50 years. |
Operating loans and long-term d
Operating loans and long-term debt | 12 Months Ended |
Dec. 31, 2023 | |
Operating Loans and Long-Term Debt [Abstract] | |
Operating loans and long-term debt | Operating loans and long-term debt 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 As at December 31, 2023, our credit facilities consisted of a $1 billion committed revolving credit facility which matures July 2028, $35 million of uncommitted revolving credit facilities available to our U.S. subsidiaries, a $19 million (£15 million) credit facility dedicated to our European operations, and a $11 million (CAD$15 million) demand line of credit dedicated to our jointly‑owned newsprint operation. As at December 31, 2023, our revolving credit facilities were undrawn (December 31, 2022 - undrawn) and the associated deferred financing costs of $2 million (December 31, 2022 - $1 million) were recorded in other assets. Interest on the facilities is payable at floating rates based on Prime Rate Advances, Base Rate Advances, Bankers’ Acceptances, or Secured Overnight Financing Rate (“SOFR”) Advances at our option. On July 25, 2023, we amended and restated the revolving credit facilities agreement to extend its maturity to July 2028 and replaced the previous London Inter-Bank Offered Rate (“LIBOR”) floating rate option with SOFR. In addition, we have credit facilities totalling $133 million (December 31, 2022 - $131 million) dedicated to letters of credit. Letters of credit in the amount of $43 million (December 31, 2022 - $61 million) were supported by these facilities. All debt is unsecured except the $11 million (CAD$15 million) jointly-owned newsprint operation demand line of credit, which is secured by that joint operation’s current assets. As at December 31, 2023, we were in compliance with the requirements of our credit facilities. Long-term debt As at December 31, 2023 December 31, 2022 Senior notes due October 2024; interest at 4.35% $ 300 $ 300 Term loan due July 2025; floating interest rate 200 200 500 500 Less: deferred financing costs (1) (1) Less: current portion (300) — $ 199 $ 499 On July 25, 2023, we amended and restated the term loan agreement to extend its maturity to July 2025 and replaced the LIBOR floating rate option with SOFR. Required principal repayments are disclosed in note 23. Interest rate swap contracts We have interest rate swap contracts that have the effect of fixing the interest rate on the $200 million term loan disclosed in the long-term debt table above. In June 2023, these interest rate swaps were amended to reference 3-month SOFR (previously 3-month LIBOR) effective August 2023. The weighted average fixed interest rate payable under the contracts was 0.91% following the amendment (previously 1.14%). In January 2024, these interest rate swaps were further amended to extend their maturity from August 2024 to July 2025. Following this amendment, the weighted average fixed interest rate payable under the contract is 2.61%. The interest rate swap contracts are accounted for as a derivative, with the related changes in the fair value included in Other income in our consolidated statements of earnings (loss). For the year ended December 31, 2023, a loss of $6 million (year ended December 31, 2022 - a gain of $13 million) was recognized in relation to the interest rate swap contracts. The fair value of the interest rate swap contracts at December 31, 2023 was an asset of $6 million (December 31, 2022 - asset of $12 million). |
Retirement benefits
Retirement benefits | 12 Months Ended |
Dec. 31, 2023 | |
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 certain of the plans, including investment and contribution decisions, resides with our Retirement Committees, Human Resources & Compensation Committee of the Board of Directors, and 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 defined contribution plans. 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 credited or charged 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 included in Finance income (expense), net in our consolidated statements of earnings (loss). 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 2023 was a gain of $78 million (2022 - loss of $138 million). The total pension expense for the defined benefit pension plans was $32 million (2022 - $71 million). In 2023, we made nominal net contributions to our defined benefit pension plans (2022 - $39 million). We expect to make cash contributions of approximately $19 million to our defined benefit pension plans during 2024 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 2023 (2022 - $1 million). In 2023, we entered into buy-out annuity purchase agreements to settle $120 million of our defined benefit obligations by purchasing annuities using our plan assets. The agreements transfer the pension obligations of retired employees under certain pension plans to financial institutions. The difference between the cost of the annuity purchases and the liabilities held for these pension plans was reflected as a settlement gain of $6 million in Other income (see note 19). In 2022, we entered into buy-out annuity purchase agreements to settle $82 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 purchases and the liabilities held for these pension plans was reflected as a settlement cost of $5 million in Other income. I n 2022, as part of the process related to the annuitization of our U.K. defined benefit pension plan, we entered into a $15 million (£13 million) investment contract with an insurer. Future cash inflows from the investment contract will match the cash flows of the outgoing benefit payments made by the pension plan, substantially mitigating the exposure to future volatility in the related pension obligations. The completion of the buy-out of the defined benefit obligations is expected upon completion of certain normal-course administrative processes. The status of the defined benefit pension plans and other retirement benefit plans, in aggregate, is as follows: Defined benefit Other retirement 2023 2022 2023 2022 Accrued benefit obligations Benefit obligations - opening $ 838 $ 1,355 $ 18 $ 23 Transfer to disposal groups held for sale ( note 6 ) (77) — (2) — Service cost 37 59 — — Finance cost on obligation 42 41 1 1 Benefits paid (42) (56) (1) (1) Actuarial (gain) loss due to change in financial assumptions 63 (408) 1 (4) Actuarial loss due to demography/experience 31 3 — — Settlement (120) (82) — — Foreign exchange 1 17 (74) — (1) Benefit obligations - ending $ 791 $ 838 $ 17 $ 18 Plan assets Plan assets - opening $ 927 $ 1,239 $ — $ — Transfer to disposal groups held for sale ( note 6 ) (79) — — — Finance income on plan assets 46 36 — — Actual return on plan assets, net of finance income 32 (174) — — Employer contributions 14 39 1 1 Benefits paid (42) (56) (1) (1) Settlement (115) (87) — — Other (2) (2) — — Refund of excess contributions (15) — — — Foreign exchange 1 20 (68) — — Plan assets - ending $ 786 $ 927 $ — $ — Funded status 2 Retirement assets $ 84 $ 148 $ — $ — Impact of minimum funding requirement 3 (1) (16) — — Retirement assets (note 10) 83 132 — — Retirement liabilities (note 12) (89) (59) (17) (18) $ (6) $ 73 $ (17) $ (18) 1. Foreign currency translation relates to the foreign exchange impact of translating assets and liabilities of certain plans to U.S. dollars. 2. Plans in a surplus position are presented as assets and plans in a deficit position are presented as liabilities on our consolidated balance sheets. 3. Certain of our plans have a surplus that is not recognized on the basis that future economic benefits may not be available to us in the form of a reduction in future contributions or a cash refund. Defined benefit Other retirement 2023 2022 2023 2022 Expense Service cost $ 37 $ 59 $ — $ — Administration fees 4 3 — — Settlement loss (gain) (6) 5 — — Finance expense (income), net (3) 4 1 1 $ 32 $ 71 $ 1 $ 1 Assumptions and sensitivities At December 31, 2023, the weighted average duration of the defined benefit pension obligations is 18 years (December 31, 2022 - 17 years). The projected future benefit payments for the defined benefit pension plans at December 31, 2023 are as follows: 2024 2025 2026 to 2028 Thereafter Total Defined benefit pension plans $28 $28 $101 $1,830 $1,987 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 2023 2022 2023 2022 Benefit obligations: Discount rate 4.69% 5.17% 4.69% 5.10% Future compensation rate increase 3.62% 3.53% n/a n/a Benefit expense: Discount rate - beginning of year 5.17% 3.03% 5.10% 3.08% Future compensation rate increase 3.53% 3.60% n/a n/a Health-care benefit costs, shown under other retirement benefit plans, are funded on a pay-as-you-go basis. The impact of a change in these assumptions on our retirement obligations as at December 31, 2023 is as follows: Increase Decrease Discount rate - 0.50% change $ (64) $ 75 Compensation rate - 0.50% change $ 14 $ (13) 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 2023 2022 Canadian equities 2% - 30% 28 % 26 % Foreign equities 15% - 57% 17 % 30 % Fixed income investments 20% - 55% 42 % 30 % Other investments 0% - 34% 13 % 14 % 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 2023 was $35 million (2022 - $36 million). |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 December 31, 2022 As at Number Amount Number Amount Common 79,439,518 $ 2,607 81,273,936 $ 2,667 Class B Common 2,281,478 — 2,281,478 — Total Common 81,720,996 $ 2,607 83,555,414 $ 2,667 For the year ended December 31, 2023, we issued 383 Common shares under our share option plans (2022 - no Common shares) and no Common shares under our employee share purchase plan (2022 - no Common shares). Rights and restrictions of Common shares The Common shares and Class B Common shares are equal in all respects, including the right to dividends, rights upon dissolution or winding up and the right to vote, except that each Class B Common share may at any time be exchanged for one Common share. Our Common shares are listed for trading on the TSX and NYSE under the symbol WFG, 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. Share repurchases Normal Course Issuer Bids On February 22, 2023, we renewed our normal course issuer bid (“2023 NCIB”) allowing us to acquire up to 4,063,696 Common shares for cancellation until the expiry of the bid on February 26, 2024. For the year ended December 31, 2023, we repurchased for cancellation 1,834,801 Common shares at an average price of $70.24 per share under our normal course issuer bids. For the year ended December 31, 2022, we repurchased for cancellation 10,475,115 Common shares at an average price of $82.01 per share under our normal course issuer bids. 2022 Substantial Issuer Bid |
Equity-based compensation
Equity-based compensation | 12 Months Ended |
Dec. 31, 2023 | |
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. The equity-based compensation expense for the year ended December 31, 2023 was $25 million (2022 - expense of $5 million). Accounting policies We estimate the fair value of outstanding share options using the Black-Scholes option-pricing 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 charge or recovery to earnings over the related vesting period. If a share option holder elects to acquire Common shares, both the exercise price and the accrued liability are credited to shareholders’ equity. 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 777,255 remain available for issuance. The exercise price of a share option is determined in accordance with the plan and is generally 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 20% per year from the grant date and expire after 10 years. In 2023, we have recorded an expense of $11 million (2022 – recovery of $4 million) related to the share option plans. The liability associated with the share option plan is tracked in Canadian dollars and is based on prices published by the TSX. A summary of the activity in the share option plans based on Canadian dollar prices is presented below: 2023 2022 Number Weighted average price Number Weighted average price (CAD$) (CAD$) Outstanding - beginning of year 841,305 $ 76.19 1,077,840 $ 66.64 Granted 137,115 109.42 124,566 123.63 Exercised (123,781) 59.81 (351,448) 62.83 Expired / Cancelled (4,969) 85.54 (9,653) 108.40 Outstanding - end of year 849,670 $ 83.59 841,305 $ 76.19 Exercisable - end of year 568,481 $ 75.63 408,115 $ 62.71 The following table summarizes information about the share options outstanding and exercisable at December 31, 2023 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$) $40.97 - $56.00 167,737 4.4 $ 49.15 152,212 $ 48.45 $64.50 - $73.99 241,690 6.0 67.87 198,029 68.20 $85.40 - $92.79 185,836 7.3 90.75 127,636 89.82 $109.42 - $123.63 254,407 9.1 116.02 90,604 117.56 849,670 6.3 $ 83.59 568,481 $ 75.63 The weighted average share price at the date of exercise for share options exercised during the year was CAD$107.45 per share (2022 - CAD$120.95 per share). The accrued liability related to the share option plan was $30 million at December 31, 2023 (December 31, 2022 - $23 million). The weighted average fair value of the options used in the calculation was CAD$46.17 per option or USD$34.21 per option at December 31, 2023 (December 31, 2022 - CAD$35.59 per option or USD$27.34 per option). The inputs to the Black-Scholes option-pricing model were as follows: As at December 31, 2023 December 31, 2022 Weighted-average share price on balance sheet date CAD$113.45 CAD$98.20 Weighted average exercise price CAD$83.59 CAD$76.19 Expected dividend CAD$1.59 CAD$1.63 Expected volatility 42.22 % 45.15 % Weighted average interest rate 3.57 % 3.77 % Weighted average expected remaining life in years 4.07 4.14 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 plans at December 31, 2023 was CAD$22 million or USD$16 million (December 31, 2022 - CAD$14 million or USD$11 million). The intrinsic value is determined based on the difference between the weighted-average share price on the last business day of the month and the exercise price, multiplied by the number of 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 volume weighted average price per Common share on the trading day 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 $12 million (2022 - expense of $10 million) related to the PSU plan. The number of units outstanding as at December 31, 2023 was 179,757 (December 31, 2022 – 184,207), including performance share units totalling 179,757 (December 31, 2022 – 167,156). Directors’ deferred share unit plans We have DSU plans which provide a structure for directors, who are not our employees, to accumulate an equity-like holding in West Fraser. The DSU plans allow directors to participate in our growth by providing a deferred payment based on market pricing of our Common shares 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 the market price of our Common shares 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 market price of our Common shares 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 $2 million (2022 - recovery of $1 million) related to the DSU plan. The number of units outstanding as at December 31, 2023 was 78,895 (December 31, 2022 - 97,884). |
Restructuring and impairment ch
Restructuring and impairment charges | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and impairment charges [Abstract] | |
Restructuring and impairment charges | Restructuring and impairment charges 2023 2022 Impairment related to Hinton pulp mill $ 121 $ 13 Impairment related to Quesnel River Pulp mill and Slave Lake Pulp mill 20 — Restructuring and impairment related to Canadian lumber operations 81 — Impairment related to US lumber operations 47 29 Impairment related to South Molton mill — 9 Impairment related to equity accounted investment 7 — Other restructuring charges 3 9 $ 279 $ 60 In the year ended December 31, 2023, we recorded restructuring and impairment charges of $279 million. We recorded an impairment loss of $121 million in relation to the sale of the Hinton pulp mill (see note 6). In addition, we recorded an impairment loss of $20 million in relation to the sale of the Quesnel River Pulp mill and Slave Lake Pulp mill (see note 6). We recorded restructuring and impairment charges of $81 million related to facility closures and curtailments due to availability of economic fibre sources in B.C. We recorded restructuring and impairment charges of $47 million associated with the announcement of the permanent closure of our lumber mill in Maxville, Florida and the indefinite curtailment of operations at our lumber mill in Huttig, Arkansas. We estimated the recoverable amount of the impaired assets based on their value in use. The recoverable amount of the property, plant and equipment subject to impairment, other than the disposal group discussed above, was $36 million. An impairment loss of $7 million was recorded in the year ended December 31, 2023 in relation to an equity accounted investment in our lumber segment that produces and distributes wood pellets. Restructuring charges of $3 million were recorded in the year ended December 31, 2023 relating to the closure of a regional corporate office in our lumber segment and the closure of a distribution centre in our pulp & paper segment. |
Finance expense, net
Finance expense, net | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Finance expense, net | Finance income (expense), net 2023 2022 Interest expense $ (24) $ (24) Interest income on cash and cash equivalents 47 18 Net interest income on export duty deposits (note 26) 27 9 Finance income (expense) on employee future benefits 1 (6) $ 51 $ (3) |
Other
Other | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Other Income | Other income 2023 2022 Foreign exchange gain (loss) $ (7) $ 28 Settlement gain (loss) on defined benefit pension plan annuity purchases 6 (5) Gain on electricity swaps 17 — Gain (loss) on interest rate swap contracts (6) 13 Other (5) 1 $ 5 $ 37 |
Tax provision
Tax provision | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Income Tax [Abstract] | |
Tax provision | Tax recovery (provision) Tax recovery (provision) Accounting policies Tax recovery (provision) for the year is comprised of current and deferred tax. Tax recovery (provision) is recognized in 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. International Tax Reform - Pillar Two Model Rules The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which we operate, although some countries may have varying responses or adjustments to the initial model rules. We are in the process of evaluating the potential impact that these changes will have on our long-term financial position. Supporting information Certain 2022 figures within this note have been reclassified to conform with the current year’s presentation, including as it relates to amendments to IAS 12 Income Taxes regarding deferred tax related to assets and liabilities arising from a single transaction, which were effective for annual periods beginning on or after January 1, 2023. The major components of income tax included in comprehensive earnings are as follows: 2023 2022 Earnings: Current tax $ (61) $ (581) Deferred tax recovery (provision) 122 (37) Tax recovery (provision) on earnings $ 61 $ (618) Other comprehensive earnings: Deferred tax recovery (provision) on retirement benefit actuarial loss (gain) $ 12 $ (56) Tax recovery (provision) on comprehensive earnings $ 73 $ (674) The tax provision differs from the amount that would have resulted from applying the British Columbia statutory income tax rate to earnings before tax as follows: 2023 2022 Income tax recovery (expense) at statutory rate of 27% $ 62 $ (700) Non-taxable amounts — 10 Rate differentials between jurisdictions and on specified activities (3) 81 Other 2 (9) Tax recovery (provision) $ 61 $ (618) Deferred income tax liabilities (assets) are made up of the following components: 2023 2022 Property, plant, equipment and intangibles $ 737 $ 796 Reforestation and decommissioning obligations (30) (30) Employee benefits (22) (12) Export duties 90 72 Tax loss carry-forwards 1 (47) (11) Inventory (12) (4) Other (39) (20) $ 677 $ 791 Represented by: Deferred income tax assets $ (6) $ (4) Deferred income tax liabilities 683 795 $ 677 $ 791 1. |
Employee compensation
Employee compensation | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Employee compensation | Employee compensation Our employee compensation expense includes salaries and wages, employee future benefits, bonuses and termination costs, but excludes restructuring charges. Total compensation expense for the year ended December 31, 2023 was $989 million (2022 - $1,133 million). Key management includes directors and officers, and their compensation expense and balance sheet date payables are as follows: 2023 2022 Expense Salary and short-term employee benefits $ 8 $ 13 Retirement benefits 2 2 Equity-based compensation 1 19 4 $ 29 $ 19 1. Amounts do not necessarily represent the actual value which will ultimately be paid. 2023 2022 Payables and accrued liabilities Compensation $ — $ 6 Equity-based compensation 1 39 35 $ 39 $ 41 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, 2023 | |
Earnings Per Share1 [Abstract] | |
Earnings per share | per share Basic earnings (loss) per share is calculated based on earnings (loss) available to Common shareholders, as set out below, using the weighted average number of Common shares and Class B Common shares outstanding. Certain of our equity-based compensation plans may be settled in cash or Common shares at the holder’s option and for the purposes of calculating diluted earnings (loss) per share, the more dilutive of the cash-settled and equity-settled method is used, regardless of how the plan is accounted for. Plans that are accounted for using the cash-settled method will require adjustments to the numerator and denominator if the equity-settled method is determined to have a dilutive effect as compared to the cash-settled method. The numerator under the equity-settled method is calculated based on earnings (loss) available to Common shareholders adjusted to remove the cash-settled equity-based compensation expense or recovery that has been charged or credited to earnings (loss) and deducting a notional charge using the equity‑settled method, as set out below. Adjustments to earnings (loss) are tax-effected as applicable. The denominator under the equity-settled method is calculated using the treasury stock method. Share options under the equity-settled method are considered dilutive when the average market price of our Common shares for the period exceeds the exercise price of the share option. A reconciliation of the numerator and denominator used for the purposes of calculating diluted earnings (loss) per share is as follows: 2023 2022 Earnings (loss) Numerator for basic EPS $ (167) $ 1,975 Cash-settled (recovery) expense included in earnings — (5) Equity-settled expense adjustment — (5) Numerator for diluted EPS $ (167) $ 1,965 Weighted average number of shares (thousands) Denominator for basic EPS 83,199 93,760 Effect of dilutive equity-based compensation — 413 Denominator for diluted EPS 83,199 94,173 Earnings (loss) per share (dollars) Basic $ (2.01) $ 21.06 Diluted $ (2.01) $ 20.86 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
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 values 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 value is a reasonable approximation of fair value for cash and cash equivalents, receivables, and payables and accrued liabilities due to their short-term nature. The carrying values of long-term debt include any current portions and exclude deferred financing costs. December 31, 2023 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 cash equivalents 2 $ 900 $ — $ — $ 900 $ 900 Receivables 3 302 — — 302 302 Interest rate swaps 2 2 — 6 — 6 6 Electricity swaps 2 3 — 22 — 22 22 $ 1,202 $ 28 $ — $ 1,230 $ 1,230 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 620 $ 620 $ 620 Long-term debt 1 2 — — 500 500 494 Electricity swaps 3 — 12 — 12 12 $ — $ 12 $ 1,120 $ 1,132 $ 1,126 1. The fair value of long-term debt is based on rates available to us at December 31, 2023 for long-term debt with similar terms and remaining maturities. 2. The value of our interest rate swap contracts and the current portion of our electricity swap contracts are included in receivables in our consolidated balance sheet at December 31, 2023. The value of the non-current portion of our electricity swap contracts are included in other assets in our consolidated balance sheet at December 31, 2023. December 31, 2022 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 cash equivalents 2 $ 1,162 $ — $ — $ 1,162 $ 1,162 Receivables 3 350 — — 350 350 Interest rate swaps 2 2 — 12 — 12 12 $ 1,512 $ 12 $ — $ 1,524 $ 1,524 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 722 $ 722 $ 722 Long-term debt 1 2 — — 500 500 491 Electricity swaps 2 — 4 — 4 4 $ — $ 4 $ 1,222 $ 1,226 $ 1,217 1. The fair value of long-term debt is based on rates available to us at December 31, 2022 for long-term debt with similar terms and remaining maturities. 2. The value of our interest rate swap contracts are included in other assets in our consolidated balance sheet at December 31, 2022. 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 to 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 fluctuations in market variables 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 cash equivalents and receivables. The carrying amounts of these accounts represent the maximum credit exposure. We manage credit risk by holding cash and cash equivalents 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 the financial conditions of key customers; and • In certain market areas, undertaking additional measures to reduce credit risk including credit insurance, letters of credit and prepayments. At December 31, 2023, approximately 26% of trade accounts receivable was covered by at least some of these additional measures (December 31, 2022 - 45%). Given our credit monitoring activities, the low percentage of overdue accounts and our history of minimal customer defaults, we consider the credit quality of our trade accounts receivable at December 31, 2023 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: As at December 31, 2023 December 31, 2022 Trade accounts receivable Current $ 215 $ 256 Past due 1 to 30 days 28 19 Past due 31 to 60 days 4 9 Past due over 60 days 3 2 Trade accounts receivable 250 286 Insurance receivable — 3 Sales taxes receivable 26 22 Other 35 39 Receivables $ 311 $ 350 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 cash equivalents 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: December 31, 2023 Carrying value Total 2024 2025 2026 2027 Thereafter Long-term debt $ 499 $ 500 $ 300 $ 200 $ — $ — $ — Interest on long-term debt 1 — 25 18 7 — — — Lease obligations 39 45 13 8 5 3 16 Payables and accrued liabilities 620 620 620 — — — — Total $ 1,158 $ 1,190 $ 951 $ 215 $ 5 $ 3 $ 16 1. Assumes debt remains at December 31, 2023 levels and includes the impact of interest rate swaps terminating August 2024. In addition, we have contractual commitments for the acquisition of property, plant and equipment in the amount of $265 million in 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, commodity, and energy prices. We aim to manage market risk within acceptable parameters and may, from time to time, use derivatives to manage market risk. 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, 2023, we had the following floating rate financial instruments: Financial instrument Carrying Financial liability: Term loan $ 200 Financial asset: Interest rate swap contracts $ 6 We maintain a $200 million term loan due July 2025 where the interest is payable at floating rates based on Prime, Base Rate Advances, Bankers’ Acceptances or SOFR Advances at our option. We have interest rate swap agreements to pay fixed interest rates and receive variable interest rates equal to 3-month SOFR on $200 million notional principal amount of indebtedness. These agreements have the effect of fixing the interest rate on the $200 million term loan floating rate debt. In January 2024, these interest rate swaps were amended to extend their maturity from August 2024 to July 2025. In addition, interest on certain of our credit facilities is payable at floating rates including Prime Rate Advances, Base Rate Advances, Bankers’ Acceptances, or SOFR Advances at our option. At December 31, 2023, 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 (December 31, 2022 - no change). Energy We are party to arrangements with renewable power generators to purchase environmental attributes and receive settlements by reference to generation volumes and the spot price for electricity and pay settlements by reference to generation volumes and a fixed contractual price. These agreements act as a partial hedge against future electricity price increases in Alberta and will provide us with access to renewable energy credits that we may surrender to achieve a reduction in our greenhouse gas emissions. While these arrangements economically hedge the risk of changes in cash flows due to fluctuations in Alberta electricity prices, hedge accounting has not been applied to these instruments. A contract to receive renewable energy credits and the associated floating-for-fixed electricity swap are distinct units of account. We have selected this method as we believe the receipt of the renewable energy credits is an executory contract and the electricity swap meets the definition of an embedded derivative. The electricity swaps are valued based on a discounted cash flow model, with the related changes in fair value included in Other income on our consolidated statements of earnings (loss). The valuation requires management to make certain assumptions about the model inputs, including future electricity prices, discount rates, and expected generation volumes associated with the contracts. For the year ended December 31, 2023, a gain of $17 million was recognized in relation to the electricity swaps (2022 - nominal gain). The fair value of the electricity swaps at December 31, 2023 was an asset of $10 million (December 31, 2022 - a liability of $4 million). At December 31, 2023, the impact of a 10% increase (decrease) in future electricity prices would result in a gain (loss) of $20 million. Currency risk 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 from our Spray Lake lumber mill (note 3) and jointly-owned newsprint operation, which have 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. A $0.01 strengthening (weakening) of the USD against the CAD would increase (decrease) earnings by approximately $2 million. A $0.01 strengthening (weakening) of the USD against the CAD, British pound and Euro would result in an approximate $8 million translation loss (gain) on operations with different functional currencies 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, 2023 | |
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 lower points in 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. In addition, as a normal part of our business, we have in the past and may from time to time seek to repurchase our outstanding securities through issuer bids or tender offers, open market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual and legal restrictions and other factors. A strong balance sheet and liquidity profile, along with our investment-grade debt rating, 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; maintaining a leading cost position; maintaining financial flexibility to capitalize on growth opportunities, including the pursuit of acquisitions and larger-scale strategic growth initiatives; and returning capital to shareholders through dividends and share repurchases. Two key measurements used to monitor our capital position are total debt to total capital and net debt to total capital, calculated as follows: December 31, December 31, As at 2023 2022 Debt Operating loans $ — $ — Current and long-term lease obligation 39 37 Current and long-term debt 500 500 Derivative liabilities 1 — — Open letters of credit 1 43 61 Total debt 582 598 Shareholders’ equity 7,223 7,619 Total capital $ 7,805 $ 8,217 Total debt to capital 7% 7% Total debt $ 582 $ 598 Cash and cash equivalents (900) (1,162) Open letters of credit (43) (61) Derivative liabilities — — Cheques issued in excess of funds on deposit — — Net debt (361) (625) Shareholders’ equity 7,223 7,619 Total capital $ 6,862 $ 6,994 Net debt to capital (5%) (9%) 1. Letters of credit facilities and the fair value of derivative liabilities are part of our bank covenants’ total debt calculation. |
Segment and geographical inform
Segment and geographical information | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
Segment and geographical information | Segment and geographical information The 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. During the first quarter of 2023, the Company changed its measure of profit or loss for each reportable segment from earnings before tax to operating earnings, as this is now the measure most used by the chief operating decision maker when evaluating segment operating performance. Prior year comparatives have been updated to conform to current year presentation. Lumber NA EWP Pulp & Paper Europe EWP Corporate & Other Total Year ended December 31, 2023 Sales To external customers $ 2,722 $ 2,602 $ 612 $ 517 $ — $ 6,454 To other segments 72 6 11 — (89) — $ 2,794 2,608 623 517 (89) 6,454 Cost of products sold (2,215) (1,594) (555) (409) 89 (4,685) Freight and other distribution costs (405) (329) (120) (40) — (894) Export duties, net (8) — — — — (8) Amortization (185) (273) (24) (49) (10) (541) Selling, general and administration (164) (96) (25) (21) — (307) Equity-based compensation — — — — (25) (25) Restructuring and impairment charges (137) — (142) — — (279) Operating earnings (loss) $ (319) $ 316 $ (242) $ (3) $ (35) $ (284) Total assets 3,606 4,338 333 691 446 $ 9,415 Total liabilities 507 551 125 149 861 $ 2,193 Capital expenditures 253 156 32 30 7 $ 477 Lumber NA EWP Pulp & Paper Europe EWP Corporate & Other Total Year ended December 31, 2022 Sales To external customers $ 4,381 $ 3,780 $ 802 $ 738 $ — $ 9,701 To other segments 84 9 5 — (98) — $ 4,465 $ 3,789 $ 807 $ 738 $ (98) $ 9,701 Cost of products sold (2,489) (1,677) (596) (479) 98 (5,142) Freight and other distribution costs (435) (329) (153) (46) — (963) Export duties, net (18) — — — — (18) Amortization (186) (306) (35) (53) (9) (589) Selling, general and administration (194) (106) (32) (28) (5) (365) Equity-based compensation — — — — (5) (5) Restructuring and impairment charges (31) — (13) (15) — (60) Operating earnings (loss) $ 1,111 $ 1,371 $ (22) $ 117 $ (18) $ 2,559 Total assets 3,685 4,637 456 730 465 $ 9,973 Total liabilities 553 622 90 170 919 $ 2,354 Capital expenditures 184 235 29 20 9 $ 477 The geographic distribution of non-current assets and external sales based on the location of product delivery is as follows: Non-current assets Sales by geographic area 2023 2022 2023 2022 United States $ 2,689 $ 2,625 $ 4,251 $ 6,659 Canada 3,883 4,139 1,118 1,531 U.K and Europe 466 460 524 733 Asia — — 557 767 Other — — 4 11 $ 7,038 $ 7,224 $ 6,454 $ 9,701 |
Countervailing ("CVD") and anti
Countervailing ("CVD") and antidumping ("ADD") duty dispute | 12 Months Ended |
Dec. 31, 2023 | |
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”) Accounting policies The CVD and ADD rates apply retroactively for each period of investigation (“POI”). We record CVD as export duty expense at the cash deposit rate until an Administrative Review (“AR”) finalizes a new applicable rate for each 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 cumulative cash deposits paid and cumulative export duty expense recognized for each POI is recorded on our balance sheet as export duty deposits receivable or payable. 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 determination of duties payable by the USDOC. The CVD and ADD cash deposit rates are updated upon the finalization of the USDOC’s Administrative Review (“AR”) process for each Period of Inquiry (“POI”), as summarized in the tables below. On March 14, 2023, the USDOC initiated AR5 POI covering the 2022 calendar year. West Fraser was selected as a mandatory respondent, which will result in West Fraser continuing to be subject to a company-specific rate. On September 7, 2023, the USDOC finalized the duty rate for AR4, resulting in the recognition of an export duty recovery of $62 million plus interest income in earnings and a decrease in export duty deposits payable. On February 1, 2024, the USDOC released the preliminary results from AR5 POI covering the 2022 calendar year, which indicated a rate of 6.74% for CVD and 5.33% 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 AR5 rates were to be confirmed, it would result in an expense of $35 million before the impact of interest for the POI covered by AR5. This adjustment would be in addition to the amounts already recorded on our balance sheet. If these rates were finalized, our combined cash deposit rate would be 12.07% . 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 1,2 April 28, 2017 - August 24, 2017 24.12 % 6.76 % August 25, 2017 - December 27, 2017 — % — % December 28, 2017 - December 31, 2017 17.99 % 6.76 % January 1, 2018 - December 31, 2018 17.99 % 7.57 % AR2 POI 3 January 1, 2019 - December 31, 2019 17.99 % 5.08 % AR3 POI 4 January 1, 2020 - November 30, 2020 17.99 % 3.62 % December 1, 2020 - December 31, 2020 7.57 % 3.62 % AR4 POI 5 January 1, 2021 - December 1, 2021 7.57 % 2.19 % December 2, 2021 - December 31, 2021 5.06 % 2.19 % AR5 POI 6 January 1, 2022 – January 9, 2022 5.06 % n/a January 10, 2022 – August 8, 2022 5.08 % n/a August 9, 2022 - December 31, 2022 3.62 % n/a AR6 POI 7 January 1, 2023 - July 31, 2023 3.62 % n/a August 1, 2023 - December 31, 2023 2.19 % n/a 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 November 24, 2020, the USDOC issued the final CVD rate for the AR1 POI. 3. On November 24, 2021, the USDOC issued the final CVD rate for the AR2 POI. On January 10, 2022, 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. 4. On August 4, 2022, the USDOC issued the final CVD rate for the AR3 POI. 5. On August 1, 2023, the USDOC issued the final CVD rate for the AR4 POI. 6. The CVD rate for the AR5 POI will be adjusted when AR5 is complete and the USDOC finalizes the rate, which is not expected until 2024. 7. The CVD rate for the AR6 POI will be adjusted when AR6 is complete and the USDOC finalizes the rate, which is not expected until 2025 . Effective dates for ADD Cash Deposit AR POI Final Rate West Fraser AR1 POI 1,2 June 30, 2017 - December 3, 2017 6.76 % 1.40 % 1.46 % December 4, 2017 - December 31, 2017 5.57 % 1.40 % 1.46 % January 1, 2018 - December 31, 2018 5.57 % 1.40 % 1.46 % AR2 POI 3 January 1, 2019 - December 31, 2019 5.57 % 6.06 % 4.65 % AR3 POI 4 January 1, 2020 - November 29, 2020 5.57 % 4.63 % 3.40 % November 30, 2020 - December 31, 2020 1.40 % 4.63 % 3.40 % AR4 POI 5 January 1, 2021 - December 1, 2021 1.40 % 7.06 % 6.80 % December 2, 2021 - December 31, 2021 6.06 % 7.06 % 6.80 % AR5 POI 6 January 1, 2022 - August 8, 2022 6.06 % n/a 4.52 % August 9, 2022 - December 31, 2022 4.63 % n/a 4.52 % AR6 POI 7 January 1, 2023 - July 31, 2023 4.63 % n/a 8.84 % August 1, 2023 - December 31, 2023 7.06 % n/a 8.84 % 1. On June 26, 2017, the USDOC issued its preliminary rate in the ADD investigation effective June 30, 2017. 2. On November 24, 2020, the USDOC issued the final ADD rate for the AR1 POI. 3. On November 24, 2021, the USDOC issued the final ADD rate for the AR2 POI. 4. On August 4, 2022, the USDOC issued the final ADD rate for the AR3 POI. 5. On July 31, 2023, the USDOC issued the final ADD rate for the AR4 POI. On September 7, 2023, the USDOC amended the final ADD rate for the AR4 POI from 6.96% to 7.06% for ministerial errors. This table only reflects the final rate. 6. The ADD rate for the AR5 POI will be adjusted when AR5 is complete and the USDOC finalizes the rate, which is not expected until 2024. 7. The ADD rate for the AR6 POI will be adjusted when AR6 is complete and the USDOC finalizes the rate, which is not expected until 2025. . Impact on results The following table reconciles our cash deposits paid during the year to the amount recorded in our statements of earnings: ($ millions) 2023 2022 Cash deposits 1 (53) (117) Adjust to West Fraser Estimated ADD rate 2 (17) 18 Export duties, net (70) (99) Duty recovery attributable to AR3 3 — 81 Duty recovery attributable to AR4 4 62 — Export duty (expense) recovery (8) (18) Net interest income on export duty deposits 27 9 1. Represents combined CVD and ADD cash deposit rate of 11.12% from January 1, 2022 to January 9, 2022, 11.14% from January 10, 2022 to August 8, 2022, 8.25% from August 9, 2022 to July 31, 2023 and 9.25% fro m August 1, 2023 to December 31, 2023. 2. Represents adjustment to West Fraser Estimated ADD rate of 8.84% f or 2023 and 4.52% for 2022. 3. $81 million represents the duty recovery attributable to the finalization of the AR3 duty rates for the 2020 POI. The final CVD rate was 3.62% and the final ADD rate was 4.63% for AR3. 4. $62 million represents the duty recovery attributable to the finalization of AR4 duty rates for the 2021 POI. The final CVD rate was 2.19% and the final ADD rate was 7.06% for AR4. As of December 31, 2023, export duties paid and payable on deposit with the USDOC were $836 million (December 31, 2022 - $784 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 but the results within a POI in respect of ADD and CVD may be offset. Export duty deposits receivable is represented by: Export duty deposits receivable 2023 2022 Beginning of year $ 354 $ 242 Export duties recognized as duty deposits receivable — 97 Interest income recognized on duty deposits receivable 23 15 End of year $ 377 $ 354 Export duties payable is represented by: Export duties payable 2023 2022 Beginning of year $ 73 $ 69 Export duties recognized as long-term payable (45) (2) Interest expense (income) recognized on export duties payable (4) 6 End of year $ 24 $ 73 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. Under U.S. trade law, the International Trade Commission (“ITC”) must review antidumping and countervailing orders every 5 years from the date of issuance. This process is referred to as a "Sunset Review". On November 30, 2023, the ITC voted to maintain the ADD and CVD orders on softwood lumber from Canada on the grounds that the revocation would likely lead to the continuation or recurrence of material injury to the U.S. domestic industry within a reasonably foreseeable time. The softwood lumber case will continue to be subject to NAFTA or the new Canada-United States-Mexico Agreement (“CUSMA”), 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. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Contingencies [Abstract] | |
Contingencies | Contingencies We are subject to various investigations, claims and legal, regulatory and tax proceedings covering matters that arise in the ordinary course of business activities, including civil claims and lawsuits, regulatory examinations, investigations, audits and requests for information by governmental regulatory agencies and law enforcement authorities in various jurisdictions. Each of these matters is subject to uncertainties and it is possible that some of these matters may be resolved unfavourably. Certain conditions may exist as of the date the financial statements are issued, which may result in an additional loss. In the opinion of management none of these matters are expected to have a material effect on our results of operations or financial condition. |
Basis of presentation (Policies
Basis of presentation (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation [Abstract] | |
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 Accounting Standards”) and were approved by our Board of Directors on February 14, 2024. Figures have been rounded to millions of dollars to reflect the accuracy of the underlying balances and as a result certain tables may not add due to rounding impacts. Assets and liabilities subject to transfer as a result of the pending sales of the Hinton pulp mill, Quesnel River Pulp mill, and Slave Lake Pulp mill have been presented as part of assets held for sale and liabilities held for sale respectively (see note 6) and are not included in the other December 31, 2023 balance sheet amounts presented throughout. |
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 – Fair value less costs to sell of disposal group held for sale • Note 7-9, 17 – Recoverability of PPE, timber licences, and other intangible assets • Note 7 – Estimated useful lives of PPE • Note 9 – Recoverability of goodwill • Note 12 – Reforestation and decommissioning obligations • Note 14 – Defined benefit pension plans • Note 20 – Income taxes • Note 26 – 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 the individual terms of the sales contract and typically occurs when the product is loaded on a common carrier at our mill, loaded on an ocean carrier, or delivered to the customer. 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. |
Reporting currency and foreign currency translation | Reporting currency and foreign currency translation The consolidated financial statements are presented in USD, which is 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 income (expense). 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. Our Spray Lake lumber mill (note 3) and jointly-owned newsprint operation have 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 loss. |
Impairment of long-lived assets | Impairment of capital assets We assess property, plant and equipment, timber licences, and other definite-lived intangible assets for indicators of impairment at each reporting date and whenever events or changes in circumstances indicate that the carrying amount of the asset 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, the recoverability of an asset or CGU 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 and 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 using a discounted cash flow model 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 an asset or CGU 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. 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 issued but not yet applied Amendments to IAS 1, Presentation of Financial Statements In January 2020, the IASB issued Classification of Liabilities as Current or Non-current (Amendments to IAS 1) . The amendments clarify that the classification of liabilities as current or non-current should be based on rights that exist at the end of the reporting period. The amendments also clarify the definition of a settlement and provide situations that would be considered as a settlement of a liability. In October 2022, the IASB issued Non-current Liabilities with Covenants (Amendments to IAS 1) . These further amendments clarify how to address the effects on classification and disclosure of covenants that an entity is required to comply with on or before the reporting date and covenants that an entity must comply with only after the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2024. These amendments are not expected to have a material impact on our consolidated financial statements. There are no other standards or amendments or interpretations to existing standards issued but not yet effective that are expected to have a material impact on our consolidated financial statements. |
Business combination | Accounting policies |
Cash and short-term investments | Accounting policies Cash and cash equivalents 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. |
Disposal groups held for sale | Accounting policies Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets or disposal groups are generally measured at the lower of their carrying amount and fair value less costs to sell. Any excess of carrying value over fair value less costs to sell is recognized as impairment loss. Impairment loss on a disposal group is allocated first to goodwill, if any, and then to the remaining non-current assets within the scope of the measurement requirements of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations on a pro-rata basis. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognized in earnings. Once classified as held-for-sale, property, plant and equipment and timber licenses are no longer depreciated. |
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. |
Timber licences and other intangibles | Accounting policies Timber licences, which are renewable or replaceable, are recorded at historical cost, less accumulated amortization and impairment losses. Timber licences are amortized on a straight-line basis over their estimated useful lives of 40 years. |
Goodwill | 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 at December 31, or more frequently if an indicator of impairment is identified. The customer relationship intangible assets relate to the Norbord and Angelina Forest Products acquisitions and are amortized straight-line over 3 to 10 years. Other intangibles are recorded at historical cost less accumulated amortization and impairment losses. 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 and its value in use. An impairment loss is recorded if the carrying value exceeds the estimated recoverable amount. Goodwill impairment losses cannot be reversed. |
Reforestation and decommissioning obligations | 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 expected expenditures required to settle the obligations and are accrued and charged to earnings when timber is harvested. The reforestation obligation is accreted over time through charges to finance expense and reduced by silviculture expenditures. Changes to estimates are credited or charged to earnings. We record a liability for decommissioning obligations in the period a reasonable estimate can be made. The liability is determined using estimated closure and/or remediation costs and discounted using an appropriate discount rate. On initial recognition, the carrying value of the liability is added to the carrying amount of the associated asset and amortized over its useful life, or expensed when there is no related asset. The liability is accreted over time through charges to finance expense and reduced by actual costs of settlement. Changes to estimates result in an adjustment of the carrying amount of the associated asset or, where there is no asset, they are credited or charged to earnings. Reforestation and decommissioning obligations are discounted at the risk-free rate at the balance sheet date. |
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. |
Equity-based compensation | Accounting policies We estimate the fair value of outstanding share options using the Black-Scholes option-pricing 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 charge or recovery to earnings over the related vesting period. 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 | for the year is comprised of current and deferred tax. Tax recovery (provision) is recognized in 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 (loss) per share is calculated based on earnings (loss) available to Common shareholders, as set out below, using the weighted average number of Common shares and Class B Common shares outstanding. Certain of our equity-based compensation plans may be settled in cash or Common shares at the holder’s option and for the purposes of calculating diluted earnings (loss) per share, the more dilutive of the cash-settled and equity-settled method is used, regardless of how the plan is accounted for. Plans that are accounted for using the cash-settled method will require adjustments to the numerator and denominator if the equity-settled method is determined to have a dilutive effect as compared to the cash-settled method. |
Business acquisitions (Tables)
Business acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Acquisitions [Abstract] | |
Schedule of business combination | 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 $ 102 Fair value of net assets acquired: Cash $ 1 Accounts receivable 3 Inventories 24 Prepaid expenses 1 Income taxes receivable 1 Property, plant and equipment 58 Timber licenses 42 Payables and accrued liabilities (8) Other liabilities (3) Deferred income tax liabilities (18) $ 102 1. A net outflow comprising the cash consideration of $102 million net of cash acquired of $1 million is presented in the consolidated statements of cash flows. The following table represents the actual results of Spray Lake included in our consolidated statements of earnings (loss) from the date of acquisition to December 31, 2023. ($ millions) Sales $ 5 Operating loss 1 $ (2) Loss 1 $ (1) 1. Operating loss and loss include a one-time charge of $2 million related to inventory purchase price accounting. The following table represents the proforma results of operations for the year ended December 31, 2023 assuming the Spray Lake Acquisition occurred on January 1, 2023 and that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition occurred on January 1, 2023. Proforma 2023 Results ($ millions) West Fraser Actual Results 2 2023 Spray Lake Proforma Results 1 Jan-23 to Nov-23 West Fraser Proforma Results 1,2 2023 Sales 6,454 75 $ 6,529 Operating earnings (loss) (284) 8 $ (276) Earnings (loss) (167) 9 $ (158) 1. These proforma results have been provided as required per IFRS 3 Business Combinations . West Fraser proforma 2023 results presents West Fraser’s results as if the Spray Lake Acquisition were completed on January 1, 2023. 2. |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards, Amendments and Interpretations Issued but not yet Applied [Abstract] | |
Disclosure of cash and short-term investments | Supporting information December 31, December 31, As at 2023 2022 Cash $ 513 $ 706 Cash equivalents 387 456 $ 900 $ 1,162 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Disclosure of inventory | As at December 31, 2023 December 31, 2022 Manufactured products $ 363 $ 428 Logs and other raw materials 257 376 Materials and supplies 231 228 $ 851 $ 1,032 |
Disposal groups held for sale (
Disposal groups held for sale (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disposal Groups Held For Sale [Abstract] | |
Disclosure of analysis of single amount of discontinued operations [text block] | As at December 31, 2023, the disposal group comprised the following assets and liabilities: Receivables $ 49 Inventories 72 Prepaid expenses 2 Property, plant and equipment 54 Timber licenses 3 Retirement assets 3 Assets held for sale $ 182 Payables and accrued liabilities $ 58 Reforestation and decommissioning obligations 2 Retirement liabilities 3 Liabilities associated with assets held for sale $ 63 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 3 - 10 years Roads and bridges Not exceeding 40 years Major maintenance shutdowns 1 - 2 years Supporting Information Manufacturing Construction- Roads Other Total As at December 31, 2021 $ 3,751 $ 252 $ 41 $ 56 $ 4,100 Additions 117 343 16 6 482 Amortization 1 (494) — (13) — (507) Impairment (note 17) (43) (3) — (2) (48) Foreign exchange (37) (2) — (1) (40) Disposals (3) (2) — — (5) Transfers 229 (229) — — — As at December 31, 2022 $ 3,520 $ 359 $ 44 $ 59 $ 3,982 As at December 31, 2022 Cost $ 6,702 $ 359 $ 157 $ 65 $ 7,283 Accumulated amortization (3,182) — (113) (6) (3,301) Net $ 3,520 $ 359 $ 44 $ 59 $ 3,982 As at December 31, 2022 $ 3,520 $ 359 $ 44 $ 59 $ 3,982 Acquisition (note 3) 23 — — 36 58 Additions 257 244 13 1 516 Amortization 1 (451) — (11) (1) (462) Impairment (note 17) (202) (7) — — (209) Transfer to disposal groups held for sale (note 6) (50) — (3) (1) (54) Foreign exchange 17 1 — 2 19 Disposals (8) — — (1) (9) Transfers 217 (222) 2 (1) (4) As at December 31, 2023 $ 3,319 $ 376 $ 46 $ 94 $ 3,835 As at December 31, 2023 Cost $ 6,524 $ 376 $ 156 $ 95 $ 7,151 Accumulated amortization (3,205) — (110) (1) (3,316) Net $ 3,319 $ 376 $ 46 $ 94 $ 3,835 1. Amortization of $451 million relates to cost of products sold and $11 million relates to selling, general and administration expense (2022 - $499 million and $8 million, respectively). |
Timber licenses (Tables)
Timber licenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of detailed information about intangible assets | Supporting information Timber licences As at December 31, 2021 $ 368 Amortization 1 (17) As at December 31, 2022 $ 351 As at December 31, 2022 Cost $ 641 Accumulated amortization (290) Net $ 351 As at December 31, 2022 $ 351 Acquisition (note 3) 42 Additions — Amortization 1 (16) Transfer to disposal groups held for sale (note 6) (3) Foreign exchange 2 As at December 31, 2023 $ 376 As at December 31, 2023 Cost $ 673 Accumulated amortization (297) Net $ 376 1. Amortization relates to cost of products sold. |
Goodwill and other intangibles
Goodwill and other intangibles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of reconciliation of changes in intangible assets and goodwill | Supporting information Goodwill Customer Relationship Intangible Other Total As at December 31, 2021 $ 1,975 $ 426 $ 39 $ 2,440 Amortization 1 — (54) (11) (65) Foreign exchange (11) (3) (1) (15) Finalization of purchase price allocation on Angelina acquisition (20) 21 — 1 Other — — (3) (3) As at December 31, 2022 $ 1,944 $ 390 $ 24 $ 2,358 As at December 31, 2022 Cost $ 1,944 $ 486 $ 74 $ 2,504 Accumulated amortization — (96) (50) (146) Net $ 1,944 $ 390 $ 24 $ 2,358 As at December 31, 2022 $ 1,944 $ 390 $ 24 $ 2,358 Additions — — 3 3 Amortization 1 — (53) (9) (62) Foreign exchange 5 2 — 6 Transfers — — 4 4 Other — — (2) (2) As at December 31, 2023 $ 1,949 $ 339 $ 20 $ 2,307 As at December 31, 2023 Cost $ 1,949 $ 489 $ 80 $ 2,518 Accumulated amortization — (150) (60) (211) Net $ 1,949 $ 339 $ 20 $ 2,307 1. |
Schedule of Goodwill | For the purposes of impairment testing, goodwill has been allocated to the following CGU groups: December 31, December 31, As at 2023 2022 Canadian lumber $ 171 $ 171 US lumber 409 409 North America EWP 1,280 1,280 Europe EWP 89 84 Total $ 1,949 $ 1,944 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of other assets | December 31, December 31, As at Note 2023 2022 Retirement assets 14 $ 83 $ 132 Interest rate swap contracts 13 — 12 Electricity swaps 23 18 — Other 36 31 $ 137 $ 175 |
Payables and accrued liabilit_2
Payables and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Distribution of Assets, Liabilities and Stockholders' Equity | December 31, December 31, As at Note 2023 2022 Trade accounts $ 417 $ 430 Accrued equity-based compensation 16 53 45 Compensation 66 152 Accrued export duties 26 5 4 Accrued dividends 25 25 Accrued interest 5 5 Current portion of lease obligations 13 11 Restructuring provision 3 10 Other 33 40 $ 620 $ 722 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of other liabilities | As at Note December 31, 2023 December 31, 2022 Retirement liabilities 14 $ 106 $ 77 Long-term portion of reforestation obligations 53 55 Long-term portion of decommissioning obligations 16 15 Long-term portion of lease obligations 26 26 Export duties 26 24 73 Electricity swaps 23 12 4 Other 22 18 $ 260 $ 268 |
Disclosure of other provisions | Reforestation Decommissioning Note 2023 2022 2023 2022 Beginning of year $ 93 $ 97 $ 35 $ 33 Acquisition 3 3 — 1 — Transfer to disposal groups held for sale 6 — — (2) — Liabilities recognized 46 51 3 5 Liabilities settled (52) (49) (1) (1) Foreign exchange 2 (6) 1 (2) End of year 92 93 37 35 Less: current portion (39) (38) (21) (20) $ 53 $ 55 $ 16 $ 15 |
Operating loans and long-term_2
Operating loans and long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Loans and Long-Term Debt [Abstract] | |
Schedule of long-term debt | As at December 31, 2023 December 31, 2022 Senior notes due October 2024; interest at 4.35% $ 300 $ 300 Term loan due July 2025; floating interest rate 200 200 500 500 Less: deferred financing costs (1) (1) Less: current portion (300) — $ 199 $ 499 |
Retirement benefits (Tables)
Retirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2023 2022 Accrued benefit obligations Benefit obligations - opening $ 838 $ 1,355 $ 18 $ 23 Transfer to disposal groups held for sale ( note 6 ) (77) — (2) — Service cost 37 59 — — Finance cost on obligation 42 41 1 1 Benefits paid (42) (56) (1) (1) Actuarial (gain) loss due to change in financial assumptions 63 (408) 1 (4) Actuarial loss due to demography/experience 31 3 — — Settlement (120) (82) — — Foreign exchange 1 17 (74) — (1) Benefit obligations - ending $ 791 $ 838 $ 17 $ 18 Plan assets Plan assets - opening $ 927 $ 1,239 $ — $ — Transfer to disposal groups held for sale ( note 6 ) (79) — — — Finance income on plan assets 46 36 — — Actual return on plan assets, net of finance income 32 (174) — — Employer contributions 14 39 1 1 Benefits paid (42) (56) (1) (1) Settlement (115) (87) — — Other (2) (2) — — Refund of excess contributions (15) — — — Foreign exchange 1 20 (68) — — Plan assets - ending $ 786 $ 927 $ — $ — Funded status 2 Retirement assets $ 84 $ 148 $ — $ — Impact of minimum funding requirement 3 (1) (16) — — Retirement assets (note 10) 83 132 — — Retirement liabilities (note 12) (89) (59) (17) (18) $ (6) $ 73 $ (17) $ (18) 1. Foreign currency translation relates to the foreign exchange impact of translating assets and liabilities of certain plans to U.S. dollars. 2. Plans in a surplus position are presented as assets and plans in a deficit position are presented as liabilities on our consolidated balance sheets. 3. |
Defined benefit plans expense | Defined benefit Other retirement 2023 2022 2023 2022 Expense Service cost $ 37 $ 59 $ — $ — Administration fees 4 3 — — Settlement loss (gain) (6) 5 — — Finance expense (income), net (3) 4 1 1 $ 32 $ 71 $ 1 $ 1 |
Projected future benefit payments | The projected future benefit payments for the defined benefit pension plans at December 31, 2023 are as follows: 2024 2025 2026 to 2028 Thereafter Total Defined benefit pension plans $28 $28 $101 $1,830 $1,987 |
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 2023 2022 2023 2022 Benefit obligations: Discount rate 4.69% 5.17% 4.69% 5.10% Future compensation rate increase 3.62% 3.53% n/a n/a Benefit expense: Discount rate - beginning of year 5.17% 3.03% 5.10% 3.08% Future compensation rate increase 3.53% 3.60% 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, 2023 is as follows: Increase Decrease Discount rate - 0.50% change $ (64) $ 75 Compensation rate - 0.50% change $ 14 $ (13) |
Assets allocations | The weighted average asset allocations of the defined benefit plans at December 31, by asset category, are as follows: Target range 2023 2022 Canadian equities 2% - 30% 28 % 26 % Foreign equities 15% - 57% 17 % 30 % Fixed income investments 20% - 55% 42 % 30 % Other investments 0% - 34% 13 % 14 % 100 % 100 % |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share capital [Abstract] | |
Disclosure of classes of share capital | December 31, 2023 December 31, 2022 As at Number Amount Number Amount Common 79,439,518 $ 2,607 81,273,936 $ 2,667 Class B Common 2,281,478 — 2,281,478 — Total Common 81,720,996 $ 2,607 83,555,414 $ 2,667 |
Finance expense, net (Tables)
Finance expense, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Finance expense, net | 2023 2022 Interest expense $ (24) $ (24) Interest income on cash and cash equivalents 47 18 Net interest income on export duty deposits (note 26) 27 9 Finance income (expense) on employee future benefits 1 (6) $ 51 $ (3) |
Other (Tables)
Other (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Other | 2023 2022 Foreign exchange gain (loss) $ (7) $ 28 Settlement gain (loss) on defined benefit pension plan annuity purchases 6 (5) Gain on electricity swaps 17 — Gain (loss) on interest rate swap contracts (6) 13 Other (5) 1 $ 5 $ 37 |
Tax provision (Tables)
Tax provision (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Income Tax [Abstract] | |
Major components of income tax | Certain 2022 figures within this note have been reclassified to conform with the current year’s presentation, including as it relates to amendments to IAS 12 Income Taxes regarding deferred tax related to assets and liabilities arising from a single transaction, which were effective for annual periods beginning on or after January 1, 2023. The major components of income tax included in comprehensive earnings are as follows: 2023 2022 Earnings: Current tax $ (61) $ (581) Deferred tax recovery (provision) 122 (37) Tax recovery (provision) on earnings $ 61 $ (618) Other comprehensive earnings: Deferred tax recovery (provision) on retirement benefit actuarial loss (gain) $ 12 $ (56) Tax recovery (provision) on comprehensive earnings $ 73 $ (674) |
Income tax rate reconciliation | The tax provision differs from the amount that would have resulted from applying the British Columbia statutory income tax rate to earnings before tax as follows: 2023 2022 Income tax recovery (expense) at statutory rate of 27% $ 62 $ (700) Non-taxable amounts — 10 Rate differentials between jurisdictions and on specified activities (3) 81 Other 2 (9) Tax recovery (provision) $ 61 $ (618) |
Deferred income tax liabilities and assets | Deferred income tax liabilities (assets) are made up of the following components: 2023 2022 Property, plant, equipment and intangibles $ 737 $ 796 Reforestation and decommissioning obligations (30) (30) Employee benefits (22) (12) Export duties 90 72 Tax loss carry-forwards 1 (47) (11) Inventory (12) (4) Other (39) (20) $ 677 $ 791 Represented by: Deferred income tax assets $ (6) $ (4) Deferred income tax liabilities 683 795 $ 677 $ 791 1. |
Employee compensation (Tables)
Employee compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 Expense Salary and short-term employee benefits $ 8 $ 13 Retirement benefits 2 2 Equity-based compensation 1 19 4 $ 29 $ 19 1. Amounts do not necessarily represent the actual value which will ultimately be paid. 2023 2022 Payables and accrued liabilities Compensation $ — $ 6 Equity-based compensation 1 39 35 $ 39 $ 41 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, 2023 | |
Earnings Per Share1 [Abstract] | |
Earnings per share | A reconciliation of the numerator and denominator used for the purposes of calculating diluted earnings (loss) per share is as follows: 2023 2022 Earnings (loss) Numerator for basic EPS $ (167) $ 1,975 Cash-settled (recovery) expense included in earnings — (5) Equity-settled expense adjustment — (5) Numerator for diluted EPS $ (167) $ 1,965 Weighted average number of shares (thousands) Denominator for basic EPS 83,199 93,760 Effect of dilutive equity-based compensation — 413 Denominator for diluted EPS 83,199 94,173 Earnings (loss) per share (dollars) Basic $ (2.01) $ 21.06 Diluted $ (2.01) $ 20.86 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Financial Instruments1 [Abstract] | |
Disclosure of financial assets | The following tables provide the carrying values 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 value is a reasonable approximation of fair value for cash and cash equivalents, receivables, and payables and accrued liabilities due to their short-term nature. The carrying values of long-term debt include any current portions and exclude deferred financing costs. December 31, 2023 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 cash equivalents 2 $ 900 $ — $ — $ 900 $ 900 Receivables 3 302 — — 302 302 Interest rate swaps 2 2 — 6 — 6 6 Electricity swaps 2 3 — 22 — 22 22 $ 1,202 $ 28 $ — $ 1,230 $ 1,230 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 620 $ 620 $ 620 Long-term debt 1 2 — — 500 500 494 Electricity swaps 3 — 12 — 12 12 $ — $ 12 $ 1,120 $ 1,132 $ 1,126 1. The fair value of long-term debt is based on rates available to us at December 31, 2023 for long-term debt with similar terms and remaining maturities. 2. The value of our interest rate swap contracts and the current portion of our electricity swap contracts are included in receivables in our consolidated balance sheet at December 31, 2023. The value of the non-current portion of our electricity swap contracts are included in other assets in our consolidated balance sheet at December 31, 2023. December 31, 2022 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 cash equivalents 2 $ 1,162 $ — $ — $ 1,162 $ 1,162 Receivables 3 350 — — 350 350 Interest rate swaps 2 2 — 12 — 12 12 $ 1,512 $ 12 $ — $ 1,524 $ 1,524 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 722 $ 722 $ 722 Long-term debt 1 2 — — 500 500 491 Electricity swaps 2 — 4 — 4 4 $ — $ 4 $ 1,222 $ 1,226 $ 1,217 1. The fair value of long-term debt is based on rates available to us at December 31, 2022 for long-term debt with similar terms and remaining maturities. 2. The value of our interest rate swap contracts are included in other assets in our consolidated balance sheet at December 31, 2022. |
Disclosure of financial liabilities | The following tables provide the carrying values 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 value is a reasonable approximation of fair value for cash and cash equivalents, receivables, and payables and accrued liabilities due to their short-term nature. The carrying values of long-term debt include any current portions and exclude deferred financing costs. December 31, 2023 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 cash equivalents 2 $ 900 $ — $ — $ 900 $ 900 Receivables 3 302 — — 302 302 Interest rate swaps 2 2 — 6 — 6 6 Electricity swaps 2 3 — 22 — 22 22 $ 1,202 $ 28 $ — $ 1,230 $ 1,230 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 620 $ 620 $ 620 Long-term debt 1 2 — — 500 500 494 Electricity swaps 3 — 12 — 12 12 $ — $ 12 $ 1,120 $ 1,132 $ 1,126 1. The fair value of long-term debt is based on rates available to us at December 31, 2023 for long-term debt with similar terms and remaining maturities. 2. The value of our interest rate swap contracts and the current portion of our electricity swap contracts are included in receivables in our consolidated balance sheet at December 31, 2023. The value of the non-current portion of our electricity swap contracts are included in other assets in our consolidated balance sheet at December 31, 2023. December 31, 2022 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 cash equivalents 2 $ 1,162 $ — $ — $ 1,162 $ 1,162 Receivables 3 350 — — 350 350 Interest rate swaps 2 2 — 12 — 12 12 $ 1,512 $ 12 $ — $ 1,524 $ 1,524 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 722 $ 722 $ 722 Long-term debt 1 2 — — 500 500 491 Electricity swaps 2 — 4 — 4 4 $ — $ 4 $ 1,222 $ 1,226 $ 1,217 1. The fair value of long-term debt is based on rates available to us at December 31, 2022 for long-term debt with similar terms and remaining maturities. 2. The value of our interest rate swap contracts are included in other assets in our consolidated balance sheet at December 31, 2022. |
Disclosure of aging analysis of trade accounts receivable | The aging analysis of trade accounts receivable is presented below: As at December 31, 2023 December 31, 2022 Trade accounts receivable Current $ 215 $ 256 Past due 1 to 30 days 28 19 Past due 31 to 60 days 4 9 Past due over 60 days 3 2 Trade accounts receivable 250 286 Insurance receivable — 3 Sales taxes receivable 26 22 Other 35 39 Receivables $ 311 $ 350 |
Disclosure of aggregate amount of contractual future cash outflows for long-term debt | The following table summarizes the maturity profile of our financial liabilities based on contractual undiscounted payments: December 31, 2023 Carrying value Total 2024 2025 2026 2027 Thereafter Long-term debt $ 499 $ 500 $ 300 $ 200 $ — $ — $ — Interest on long-term debt 1 — 25 18 7 — — — Lease obligations 39 45 13 8 5 3 16 Payables and accrued liabilities 620 620 620 — — — — Total $ 1,158 $ 1,190 $ 951 $ 215 $ 5 $ 3 $ 16 1. Assumes debt remains at December 31, 2023 levels and includes the impact of interest rate swaps terminating August 2024. |
Disclosure of CAD dollar foreign currency balance sheet exposure | As at December 31, 2023, we had the following floating rate financial instruments: Financial instrument Carrying Financial liability: Term loan $ 200 Financial asset: Interest rate swap contracts $ 6 |
Capital disclosures (Tables)
Capital disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 are total debt to total capital and net debt to total capital, calculated as follows: December 31, December 31, As at 2023 2022 Debt Operating loans $ — $ — Current and long-term lease obligation 39 37 Current and long-term debt 500 500 Derivative liabilities 1 — — Open letters of credit 1 43 61 Total debt 582 598 Shareholders’ equity 7,223 7,619 Total capital $ 7,805 $ 8,217 Total debt to capital 7% 7% Total debt $ 582 $ 598 Cash and cash equivalents (900) (1,162) Open letters of credit (43) (61) Derivative liabilities — — Cheques issued in excess of funds on deposit — — Net debt (361) (625) Shareholders’ equity 7,223 7,619 Total capital $ 6,862 $ 6,994 Net debt to capital (5%) (9%) 1. Letters of credit facilities and the fair value of derivative liabilities are part of our bank covenants’ total debt calculation. |
Segment and geographical info_2
Segment and geographical information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Segments [Abstract] | |
Segment information | Lumber NA EWP Pulp & Paper Europe EWP Corporate & Other Total Year ended December 31, 2023 Sales To external customers $ 2,722 $ 2,602 $ 612 $ 517 $ — $ 6,454 To other segments 72 6 11 — (89) — $ 2,794 2,608 623 517 (89) 6,454 Cost of products sold (2,215) (1,594) (555) (409) 89 (4,685) Freight and other distribution costs (405) (329) (120) (40) — (894) Export duties, net (8) — — — — (8) Amortization (185) (273) (24) (49) (10) (541) Selling, general and administration (164) (96) (25) (21) — (307) Equity-based compensation — — — — (25) (25) Restructuring and impairment charges (137) — (142) — — (279) Operating earnings (loss) $ (319) $ 316 $ (242) $ (3) $ (35) $ (284) Total assets 3,606 4,338 333 691 446 $ 9,415 Total liabilities 507 551 125 149 861 $ 2,193 Capital expenditures 253 156 32 30 7 $ 477 Lumber NA EWP Pulp & Paper Europe EWP Corporate & Other Total Year ended December 31, 2022 Sales To external customers $ 4,381 $ 3,780 $ 802 $ 738 $ — $ 9,701 To other segments 84 9 5 — (98) — $ 4,465 $ 3,789 $ 807 $ 738 $ (98) $ 9,701 Cost of products sold (2,489) (1,677) (596) (479) 98 (5,142) Freight and other distribution costs (435) (329) (153) (46) — (963) Export duties, net (18) — — — — (18) Amortization (186) (306) (35) (53) (9) (589) Selling, general and administration (194) (106) (32) (28) (5) (365) Equity-based compensation — — — — (5) (5) Restructuring and impairment charges (31) — (13) (15) — (60) Operating earnings (loss) $ 1,111 $ 1,371 $ (22) $ 117 $ (18) $ 2,559 Total assets 3,685 4,637 456 730 465 $ 9,973 Total liabilities 553 622 90 170 919 $ 2,354 Capital expenditures 184 235 29 20 9 $ 477 |
Geographic distribution | The geographic distribution of non-current assets and external sales based on the location of product delivery is as follows: Non-current assets Sales by geographic area 2023 2022 2023 2022 United States $ 2,689 $ 2,625 $ 4,251 $ 6,659 Canada 3,883 4,139 1,118 1,531 U.K and Europe 466 460 524 733 Asia — — 557 767 Other — — 4 11 $ 7,038 $ 7,224 $ 6,454 $ 9,701 |
Countervailing ("CVD") and an_2
Countervailing ("CVD") and antidumping ("ADD") duty dispute (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 1,2 April 28, 2017 - August 24, 2017 24.12 % 6.76 % August 25, 2017 - December 27, 2017 — % — % December 28, 2017 - December 31, 2017 17.99 % 6.76 % January 1, 2018 - December 31, 2018 17.99 % 7.57 % AR2 POI 3 January 1, 2019 - December 31, 2019 17.99 % 5.08 % AR3 POI 4 January 1, 2020 - November 30, 2020 17.99 % 3.62 % December 1, 2020 - December 31, 2020 7.57 % 3.62 % AR4 POI 5 January 1, 2021 - December 1, 2021 7.57 % 2.19 % December 2, 2021 - December 31, 2021 5.06 % 2.19 % AR5 POI 6 January 1, 2022 – January 9, 2022 5.06 % n/a January 10, 2022 – August 8, 2022 5.08 % n/a August 9, 2022 - December 31, 2022 3.62 % n/a AR6 POI 7 January 1, 2023 - July 31, 2023 3.62 % n/a August 1, 2023 - December 31, 2023 2.19 % n/a 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 November 24, 2020, the USDOC issued the final CVD rate for the AR1 POI. 3. On November 24, 2021, the USDOC issued the final CVD rate for the AR2 POI. On January 10, 2022, 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. 4. On August 4, 2022, the USDOC issued the final CVD rate for the AR3 POI. 5. On August 1, 2023, the USDOC issued the final CVD rate for the AR4 POI. 6. The CVD rate for the AR5 POI will be adjusted when AR5 is complete and the USDOC finalizes the rate, which is not expected until 2024. 7. The CVD rate for the AR6 POI will be adjusted when AR6 is complete and the USDOC finalizes the rate, which is not expected until 2025 . Effective dates for ADD Cash Deposit AR POI Final Rate West Fraser AR1 POI 1,2 June 30, 2017 - December 3, 2017 6.76 % 1.40 % 1.46 % December 4, 2017 - December 31, 2017 5.57 % 1.40 % 1.46 % January 1, 2018 - December 31, 2018 5.57 % 1.40 % 1.46 % AR2 POI 3 January 1, 2019 - December 31, 2019 5.57 % 6.06 % 4.65 % AR3 POI 4 January 1, 2020 - November 29, 2020 5.57 % 4.63 % 3.40 % November 30, 2020 - December 31, 2020 1.40 % 4.63 % 3.40 % AR4 POI 5 January 1, 2021 - December 1, 2021 1.40 % 7.06 % 6.80 % December 2, 2021 - December 31, 2021 6.06 % 7.06 % 6.80 % AR5 POI 6 January 1, 2022 - August 8, 2022 6.06 % n/a 4.52 % August 9, 2022 - December 31, 2022 4.63 % n/a 4.52 % AR6 POI 7 January 1, 2023 - July 31, 2023 4.63 % n/a 8.84 % August 1, 2023 - December 31, 2023 7.06 % n/a 8.84 % 1. On June 26, 2017, the USDOC issued its preliminary rate in the ADD investigation effective June 30, 2017. 2. On November 24, 2020, the USDOC issued the final ADD rate for the AR1 POI. 3. On November 24, 2021, the USDOC issued the final ADD rate for the AR2 POI. 4. On August 4, 2022, the USDOC issued the final ADD rate for the AR3 POI. 5. On July 31, 2023, the USDOC issued the final ADD rate for the AR4 POI. On September 7, 2023, the USDOC amended the final ADD rate for the AR4 POI from 6.96% to 7.06% for ministerial errors. This table only reflects the final rate. 6. The ADD rate for the AR5 POI will be adjusted when AR5 is complete and the USDOC finalizes the rate, which is not expected until 2024. 7. The ADD rate for the AR6 POI will be adjusted when AR6 is complete and the USDOC finalizes the rate, which is not expected until 2025. . |
Impact on results | The following table reconciles our cash deposits paid during the year to the amount recorded in our statements of earnings: ($ millions) 2023 2022 Cash deposits 1 (53) (117) Adjust to West Fraser Estimated ADD rate 2 (17) 18 Export duties, net (70) (99) Duty recovery attributable to AR3 3 — 81 Duty recovery attributable to AR4 4 62 — Export duty (expense) recovery (8) (18) Net interest income on export duty deposits 27 9 1. Represents combined CVD and ADD cash deposit rate of 11.12% from January 1, 2022 to January 9, 2022, 11.14% from January 10, 2022 to August 8, 2022, 8.25% from August 9, 2022 to July 31, 2023 and 9.25% fro m August 1, 2023 to December 31, 2023. 2. Represents adjustment to West Fraser Estimated ADD rate of 8.84% f or 2023 and 4.52% for 2022. 3. $81 million represents the duty recovery attributable to the finalization of the AR3 duty rates for the 2020 POI. The final CVD rate was 3.62% and the final ADD rate was 4.63% for AR3. 4. $62 million represents the duty recovery attributable to the finalization of AR4 duty rates for the 2021 POI. |
Impact on balance sheet | Export duty deposits receivable is represented by: Export duty deposits receivable 2023 2022 Beginning of year $ 354 $ 242 Export duties recognized as duty deposits receivable — 97 Interest income recognized on duty deposits receivable 23 15 End of year $ 377 $ 354 Export duties payable is represented by: Export duties payable 2023 2022 Beginning of year $ 73 $ 69 Export duties recognized as long-term payable (45) (2) Interest expense (income) recognized on export duties payable (4) 6 End of year $ 24 $ 73 |
Basis of presentation (Details)
Basis of presentation (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Alberta Newsprint Company | |
Basis of Presentation [Line Items] | |
Proportion of ownership interest in joint operation | 50% |
Cariboo Pulp & Paper Company | |
Basis of Presentation [Line Items] | |
Proportion of ownership interest in joint operation | 50% |
Business acquisitions - Narrati
Business acquisitions - Narrative (Details) - Spray Lake Acquisition $ in Millions, $ in Millions | Nov. 17, 2023 USD ($) | Dec. 01, 2021 CAD ($) |
Disclosure of detailed information about business combination [Line Items] | ||
Percentage of voting equity interests acquired | 100% | |
Cash consideration | $ 102 | $ 140 |
Business acquisitions - Schedul
Business acquisitions - Schedule of business combination (Details) $ in Millions, $ in Millions | Nov. 17, 2023 USD ($) | Dec. 01, 2021 CAD ($) |
Fair value of net assets acquired: | ||
Income taxes receivable | $ 1 | |
Spray Lake Acquisition | ||
West Fraser purchase consideration: | ||
Cash consideration | 102 | $ 140 |
Fair value of net assets acquired: | ||
Cash | 1 | |
Accounts receivable | 3 | |
Inventories | 24 | |
Prepaid expenses | 1 | |
Property, plant and equipment | 58 | |
Timber licenses | 42 | |
Payables and accrued liabilities | (8) | |
Other liabilities | (3) | |
Deferred income tax liabilities | (18) | |
Identifiable assets acquired (liabilities assumed) | $ 102 |
Business acquisitions - Sched_2
Business acquisitions - Schedule of detailed information about actual operating results of acquirees (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disclosure of detailed information about business combination [Line Items] | |
Sales | $ 5 |
Operating loss | (2) |
Loss | (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 | 11 Months Ended | 12 Months Ended | |
Nov. 17, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Acquirer [Abstract] | |||
Sales | $ 6,454 | $ 9,701 | |
Profit (loss) from operating activities | (284) | 2,559 | |
Earnings (loss) | (167) | $ 1,975 | |
Acquiree [Abstract] | |||
Business combination, one-time Inventory adjustment expense | 2 | ||
Pro Forma | |||
Acquirer [Abstract] | |||
Sales | 6,454 | ||
Profit (loss) from operating activities | (284) | ||
Earnings (loss) | (167) | ||
Acquiree [Abstract] | |||
Sales | 6,529 | ||
Operating earnings (loss) | (276) | ||
Earnings (loss) | $ (158) | ||
Spray Lake Acquisition | Pro Forma | |||
Acquirer [Abstract] | |||
Sales | $ 75 | ||
Profit (loss) from operating activities | 8 | ||
Earnings (loss) | $ 9 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Standards, Amendments and Interpretations Issued but not yet Applied [Abstract] | |||
Cash | $ 513 | $ 706 | |
Cash equivalents | 387 | 456 | |
Cash and cash equivalents | $ 900 | $ 1,162 | $ 1,568 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories [Abstract] | ||
Manufactured products | $ 363 | $ 428 |
Manufactured products | 257 | 376 |
Logs and other raw materials | 231 | 228 |
Inventory | $ 851 | $ 1,032 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories [Abstract] | ||
Inventory provision | $ 31 | $ 61 |
Inventories, at net realisable value | $ 118 | $ 232 |
Disposal groups held for sale -
Disposal groups held for sale - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Impairment | $ 209 | $ 48 |
Hinton pulp mill | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Impairment | 121 | 13 |
Quesnel River Pul Mill and Slave Lake Pulp Mill | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Impairment | $ 20 | $ 0 |
Disposal groups held for sale_2
Disposal groups held for sale - Disposal Group (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Receivables | $ 311 | $ 350 | |
Inventories | 851 | 1,032 | |
Prepaid expenses | 40 | 60 | |
Property, plant and equipment | 3,835 | 3,982 | $ 4,100 |
Timber licences | 376 | 351 | |
Total assets | 9,415 | 9,973 | |
Payables and accrued liabilities | 620 | 722 | |
Current portion of reforestation and decommissioning obligations | 60 | 58 | |
Total liabilities | 2,193 | $ 2,354 | |
Disposal groups classified as held for sale [member] | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Receivables | 49 | ||
Inventories | 72 | ||
Prepaid expenses | 2 | ||
Property, plant and equipment | 54 | ||
Timber licences | 3 | ||
Retirement assets | 3 | ||
Total assets | 182 | ||
Payables and accrued liabilities | 58 | ||
Current portion of reforestation and decommissioning obligations | 2 | ||
Retirement liabilities | 3 | ||
Total liabilities | $ 63 |
Property, plant and equipment -
Property, plant and equipment - Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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 | 3 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, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | $ 3,982 | $ 4,100 |
Acquisitions | 58 | |
Additions | 516 | 482 |
Amortization | (462) | (507) |
Impairment | (209) | (48) |
Transfer to disposal groups held for sale | (54) | |
Foreign exchange | 19 | (40) |
Disposals | (9) | (5) |
Transfers | (4) | 0 |
Property, plant and equipment at end of period | 3,835 | 3,982 |
Cost of sales | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Amortization | (451) | (499) |
Selling, general and administrative expense | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Amortization | (11) | (8) |
Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 7,283 | |
Property, plant and equipment at end of period | 7,151 | 7,283 |
Accumulated depreciation and amortisation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (3,301) | |
Property, plant and equipment at end of period | (3,316) | (3,301) |
Manufacturing plant, equipment and machinery | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 3,520 | 3,751 |
Acquisitions | 23 | |
Additions | 257 | 117 |
Amortization | (451) | (494) |
Impairment | (202) | (43) |
Transfer to disposal groups held for sale | (50) | |
Foreign exchange | 17 | (37) |
Disposals | (8) | (3) |
Transfers | 217 | 229 |
Property, plant and equipment at end of period | 3,319 | 3,520 |
Manufacturing plant, equipment and machinery | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 6,702 | |
Property, plant and equipment at end of period | 6,524 | 6,702 |
Manufacturing plant, equipment and machinery | Accumulated depreciation and amortisation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (3,182) | |
Property, plant and equipment at end of period | (3,205) | (3,182) |
Construction- in-progress | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 359 | 252 |
Acquisitions | 0 | |
Additions | 244 | 343 |
Amortization | 0 | 0 |
Impairment | (7) | (3) |
Transfer to disposal groups held for sale | 0 | |
Foreign exchange | 1 | (2) |
Disposals | 0 | (2) |
Transfers | (222) | (229) |
Property, plant and equipment at end of period | 376 | 359 |
Construction- in-progress | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 359 | |
Property, plant and equipment at end of period | 376 | 359 |
Construction- in-progress | Accumulated depreciation and amortisation | ||
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 | 44 | 41 |
Acquisitions | 0 | |
Additions | 13 | 16 |
Amortization | (11) | (13) |
Impairment | 0 | 0 |
Transfer to disposal groups held for sale | (3) | |
Foreign exchange | 0 | 0 |
Disposals | 0 | 0 |
Transfers | 2 | 0 |
Property, plant and equipment at end of period | 46 | 44 |
Roads and bridges | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 157 | |
Property, plant and equipment at end of period | 156 | 157 |
Roads and bridges | Accumulated depreciation and amortisation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (113) | |
Property, plant and equipment at end of period | (110) | (113) |
Other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 59 | 56 |
Acquisitions | 36 | |
Additions | 1 | 6 |
Amortization | (1) | 0 |
Impairment | 0 | (2) |
Transfer to disposal groups held for sale | (1) | |
Foreign exchange | 2 | (1) |
Disposals | (1) | 0 |
Transfers | (1) | 0 |
Property, plant and equipment at end of period | 94 | 59 |
Other | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 65 | |
Property, plant and equipment at end of period | 95 | 65 |
Other | Accumulated depreciation and amortisation | ||
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 | $ (1) | $ (6) |
Timber licenses - Narrative (De
Timber licenses - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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 licenses (Details)
Timber licenses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Transfer to disposal groups held for sale | $ (3) | |
Foreign exchange | 2 | |
Timber Licenses | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill | 376 | $ 351 |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 351 | 368 |
Acquisitions | 42 | |
Additions | 0 | |
Amortization | (16) | (17) |
Intangible assets other than goodwill at end of period | 376 | 351 |
Timber Licenses | Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill | 673 | 641 |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 641 | |
Intangible assets other than goodwill at end of period | 673 | 641 |
Timber Licenses | Accumulated depreciation and amortisation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets other than goodwill | (297) | (290) |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | (290) | |
Intangible assets other than goodwill at end of period | $ (297) | $ (290) |
Goodwill and other intangible_2
Goodwill and other intangibles - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
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 | 0.102 | |
Customer-related intangible assets [member] | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Useful life measured as period of time, intangible assets other than goodwill | 3 years | |
Customer-related intangible assets [member] | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Useful life measured as period of time, intangible assets other than goodwill | 10 years |
Goodwill and other intangible_3
Goodwill and other intangibles (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Selling, general and administrative expense | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Amortization | $ 62 | $ 65 |
Goodwill [member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 1,944 | 1,975 |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 5 | (11) |
Finalization of purchase price allocation on Angelina acquisition | (20) | |
Intangible assets other than goodwill at end of period | 1,949 | 1,944 |
Customer-related intangible assets [member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 390 | 426 |
Amortization | 53 | 54 |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 2 | (3) |
Finalization of purchase price allocation on Angelina acquisition | 21 | |
Intangible assets other than goodwill at end of period | 339 | 390 |
Other intangible assets [member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 24 | 39 |
Additions | 3 | |
Amortization | 9 | 11 |
Increase (decrease) through net exchange differences, intangible assets and goodwill | (1) | |
Transfers | 4 | |
Other | (2) | 3 |
Intangible assets other than goodwill at end of period | 20 | 24 |
Goodwill And Intangible Assets Excluding Licenses [Member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 2,358 | 2,440 |
Additions | 3 | |
Amortization | 62 | 65 |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 6 | (15) |
Finalization of purchase price allocation on Angelina acquisition | 1 | |
Transfers | 4 | |
Other | (2) | 3 |
Intangible assets other than goodwill at end of period | 2,307 | 2,358 |
Gross carrying amount | Goodwill [member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 1,944 | |
Intangible assets other than goodwill at end of period | 1,949 | 1,944 |
Gross carrying amount | Customer-related intangible assets [member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 486 | |
Intangible assets other than goodwill at end of period | 489 | 486 |
Gross carrying amount | Other intangible assets [member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 74 | |
Intangible assets other than goodwill at end of period | 80 | 74 |
Gross carrying amount | Goodwill And Intangible Assets Excluding Licenses [Member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | 2,504 | |
Intangible assets other than goodwill at end of period | 2,518 | 2,504 |
Accumulated depreciation and amortisation | Customer-related intangible assets [member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | (96) | |
Intangible assets other than goodwill at end of period | (150) | (96) |
Accumulated depreciation and amortisation | Other intangible assets [member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | (50) | |
Intangible assets other than goodwill at end of period | (60) | (50) |
Accumulated depreciation and amortisation | Goodwill And Intangible Assets Excluding Licenses [Member] | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Intangible assets other than goodwill at beginning of period | (146) | |
Intangible assets other than goodwill at end of period | $ (211) | $ (146) |
Goodwill and other intangible_4
Goodwill and other intangibles - Schedule of Goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | $ 1,949 | $ 1,944 |
Canadian lumber | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 171 | 171 |
US lumber | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 409 | 409 |
North America EWP | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 1,280 | 1,280 |
Europe EWP | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | $ 89 | $ 84 |
Other assets (Details)
Other assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Retirement assets | $ 83 | $ 132 |
Interest rate swap contracts | 0 | 12 |
Electricity swaps | 18 | 0 |
Other | 36 | 31 |
Other assets | $ 137 | $ 175 |
Payables and accrued liabilit_3
Payables and accrued liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade accounts | $ 417 | $ 430 |
Accrued equity-based compensation | 53 | 45 |
Compensation | 66 | 152 |
Accrued export duties | 5 | 4 |
Accrued dividends | 25 | 25 |
Accrued interest | 5 | 5 |
Current portion of lease obligations | 13 | 11 |
Restructuring provision | 3 | 10 |
Other | 33 | 40 |
Payables and accrued liabilities | $ 620 | $ 722 |
Other liabilities (Details)
Other liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | |||
Post-retirement | $ 106 | $ 77 | |
Long-term portion of reforestation obligations | 53 | 55 | |
Long-term portion of decommissioning obligations | 16 | 15 | |
Long-term portion of lease obligations | 26 | 26 | |
Export duties | 24 | 73 | $ 69 |
Electricity swaps | 12 | 4 | |
Other | 22 | 18 | |
Other liabilities | $ 260 | $ 268 |
Other liabilities - Liabilities
Other liabilities - Liabilities Recognized (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Provision for Reforestation | ||
Provision for decommissioning, restoration and rehabilitation costs [Roll Forward] | ||
Other provisions at beginning of period | $ 93 | $ 97 |
Acquisition | 3 | 0 |
Increase (decrease) through transfers and other changes, other provisions | 0 | 0 |
Liabilities recognized | 46 | 51 |
Liabilities settled | (52) | (49) |
Foreign exchange | 2 | (6) |
Other provisions at end of period | 92 | 93 |
Less: current portion | (39) | (38) |
Long-term portion of reforestation obligations | 53 | 55 |
Provision for Decommissioning | ||
Provision for decommissioning, restoration and rehabilitation costs [Roll Forward] | ||
Other provisions at beginning of period | 35 | 33 |
Acquisition | 1 | 0 |
Increase (decrease) through transfers and other changes, other provisions | (2) | 0 |
Liabilities recognized | 3 | 5 |
Liabilities settled | (1) | (1) |
Foreign exchange | 1 | (2) |
Other provisions at end of period | 37 | 35 |
Less: current portion | (21) | (20) |
Long-term portion of reforestation obligations | $ 16 | $ 15 |
Other liabilities - Narrative (
Other liabilities - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of contingent liabilities [line items] | ||
Undiscounted estimated required cash flow | $ 137 | $ 159 |
Minimum | ||
Disclosure of contingent liabilities [line items] | ||
Undiscounted cash flow, Interest rate | 0.0250 | 0.0327 |
Provision for decommissioning, restoration, estimated period | 12 years | |
Maximum | ||
Disclosure of contingent liabilities [line items] | ||
Undiscounted cash flow, Interest rate | 0.0388 | 0.0551 |
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, $ in Millions | Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | $ 582 | $ 598 | ||
Non-current derivative financial assets | 6 | |||
Interest rate swap contract | Financial liabilities at fair value through profit or loss, category | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Long-term debt | 12 | |||
Revolving credit facility which matures July 2026 | Deferred Financing Costs Netting | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 2 | 1 | ||
Uncommitted Revolving Credit Facility | UNITED STATES | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowing facilities, maximum borrowing capacity | 35 | |||
Uncommitted Revolving Credit Facility | Europe | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowing facilities, maximum borrowing capacity | 19 | |||
Demand Line of Credit | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowing facilities, maximum borrowing capacity | 11 | $ 15 | ||
Credit Facilities Dedicated to Letters of Credit | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings | 133 | 131 | ||
Borrowings, Letters Of Credit | 43 | $ 61 | ||
Term loan due July 2025; floating interest rate | Interest rate swap contract | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Notional amount | 200 | |||
Revolving credit facility which matures July 2028 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowing facilities, maximum borrowing capacity | $ 1,000 | |||
Revolving credit facility which matures July 2028 | Europe | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowing facilities, maximum borrowing capacity | £ | £ 15 |
Operating loans and long-term_4
Operating loans and long-term debt - Schedule of long-term debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 582 | $ 598 |
Less: current portion | (300) | 0 |
Long-term debt | 199 | 499 |
Deferred Financing Cost Netting | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ (1) | (1) |
Senior Notes Due Oct 2024 | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 4.35% | |
Senior Notes Due Oct 2024 | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 300 | 300 |
Term loan due July 2025; floating interest rate | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 200 | 200 |
Long-term borrowings | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 500 | $ 500 |
Retirement benefits - Narrative
Retirement benefits - Narrative (Details) £ in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | |
Disclosure of defined benefit plans [line items] | ||||
Return on plan assets excluding interest income or expense, before tax, defined benefit plans | $ 78 | $ (138) | ||
Employer contributions | $ 39 | |||
Net defined benefit liability | $ 120 | |||
Weighted average duration of defined benefit obligation | 18 years | 17 years | ||
Post-employment benefit expense, defined contribution plans | $ 35 | $ 36 | ||
Forecast | ||||
Disclosure of defined benefit plans [line items] | ||||
Employer contributions | $ 19 | |||
Pension defined benefit plans | ||||
Disclosure of defined benefit plans [line items] | ||||
Employer contributions | 32 | 71 | ||
Net defined benefit liability | 89 | 59 | ||
Net defined benefit (liability) asset | $ 6 | (73) | ||
Pension defined benefit plans | UNITED KINGDOM | ||||
Disclosure of defined benefit plans [line items] | ||||
Net defined benefit (liability) asset | $ 15 | £ 13 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of defined benefit plans [line items] | ||
Retirement liabilities | $ (120) | |
Pension defined benefit plans | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit (liability) asset | (73) | |
Employer contributions | 32 | $ 71 |
Net defined benefit (liability) asset | 6 | (73) |
Retirement assets | 84 | 148 |
Impact of minimum funding requirement | (1) | (16) |
Retirement assets | 83 | 132 |
Retirement liabilities | (89) | (59) |
Net defined benefit (liability) asset | 6 | (73) |
Pension defined benefit plans | Present value of defined benefit obligation | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit (liability) asset | 838 | 1,355 |
Transfer to held for sale | 77 | 0 |
Service cost | 37 | 59 |
Finance cost on obligation | (42) | (41) |
Benefits paid | (42) | (56) |
Actuarial (gain) loss due to change in financial assumptions | 63 | (408) |
Actuarial loss due to demography/experience | 31 | 3 |
Settlement | (120) | (82) |
Foreign exchange | 17 | (74) |
Net defined benefit (liability) asset | 791 | 838 |
Net defined benefit (liability) asset | 791 | 838 |
Pension defined benefit plans | Plan assets | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit (liability) asset | (927) | (1,239) |
Transfer to held for sale | (79) | 0 |
Finance cost on obligation | 46 | 36 |
Actual return on plan assets, net of finance income | 32 | (174) |
Employer contributions | 14 | 39 |
Benefits paid | 42 | 56 |
Refund of excess contributions | (15) | 0 |
Settlement | (115) | (87) |
Other | (2) | (2) |
Foreign exchange | 20 | (68) |
Net defined benefit (liability) asset | (786) | (927) |
Net defined benefit (liability) asset | (786) | (927) |
Other Post-Employment Defined Benefit Plans | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit (liability) asset | 18 | |
Employer contributions | 1 | 1 |
Net defined benefit (liability) asset | 17 | 18 |
Retirement assets | 0 | 0 |
Impact of minimum funding requirement | 0 | 0 |
Retirement assets | 0 | 0 |
Retirement liabilities | (17) | (18) |
Net defined benefit (liability) asset | 17 | 18 |
Other Post-Employment Defined Benefit Plans | Present value of defined benefit obligation | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit (liability) asset | 18 | 23 |
Transfer to held for sale | 2 | 0 |
Service cost | 0 | 0 |
Finance cost on obligation | (1) | (1) |
Benefits paid | (1) | (1) |
Actuarial (gain) loss due to change in financial assumptions | 1 | (4) |
Actuarial loss due to demography/experience | 0 | 0 |
Settlement | 0 | 0 |
Foreign exchange | 0 | (1) |
Net defined benefit (liability) asset | 17 | 18 |
Net defined benefit (liability) asset | 17 | 18 |
Other Post-Employment Defined Benefit Plans | Plan assets | ||
Disclosure of defined benefit plans [line items] | ||
Net defined benefit (liability) asset | 0 | 0 |
Transfer to held for sale | 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 |
Refund of excess contributions | 0 | 0 |
Settlement | 0 | 0 |
Other | 0 | 0 |
Foreign exchange | 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, 2023 | Dec. 31, 2022 | |
Pension defined benefit plans | ||
Disclosure of defined benefit plans [line items] | ||
Service cost | $ 37 | $ 59 |
Administration fees | 4 | 3 |
Settlement loss (gain) | (6) | 5 |
Finance expense (income), net | (3) | 4 |
Defined benefit plans expense | 32 | 71 |
Other Post-Employment Defined Benefit Plans | ||
Disclosure of defined benefit plans [line items] | ||
Service cost | 0 | 0 |
Administration fees | 0 | 0 |
Settlement loss (gain) | 0 | 0 |
Finance expense (income), net | 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, 2023 USD ($) | |
Disclosure of defined benefit plans [line items] | |
Defined benefit pension plans | $ 1,987 |
Not later than one year [member] | |
Disclosure of defined benefit plans [line items] | |
Defined benefit pension plans | 28 |
Later than one year and not later than two years [member] | |
Disclosure of defined benefit plans [line items] | |
Defined benefit pension plans | 28 |
Later than two years and not later than five years [member] | |
Disclosure of defined benefit plans [line items] | |
Defined benefit pension plans | 101 |
Later than five years [member] | |
Disclosure of defined benefit plans [line items] | |
Defined benefit pension plans | $ 1,830 |
Retirement benefits - Actuarial
Retirement benefits - Actuarial assumptions (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Pension defined benefit plans | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate, benefit obligations | 4.69% | 5.17% |
Future compensation rate increase, benefit obligations | 3.62% | 3.53% |
Discount rate, benefit expense | 5.17% | 3.03% |
Future compensation rate increase, benefit expense | 3.53% | 3.60% |
Other Post-Employment Defined Benefit Plans | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate, benefit obligations | 4.69% | 5.10% |
Discount rate, benefit expense | 5.10% | 3.08% |
Retirement benefits - Impact of
Retirement benefits - Impact of change in assumptions (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Actuarial assumption of discount rates | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ (64) |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ 75 |
Actuarial assumption of discount rates, percentage change | 0.0050 |
Actuarial assumption of expected rates of salary increases | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 14 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (13) |
Actuarial assumption of discount rates, percentage change | 0.0050 |
Retirement benefits - Assets al
Retirement benefits - Assets allocations (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value of plan assets [line items] | ||
Debt instruments, percentage contributed to fair value of plan assets | 42% | 30% |
Other assets, percentage contributed to fair value of plan assets | 13% | 14% |
Total | 100% | 100% |
Minimum | ||
Disclosure of fair value of plan assets [line items] | ||
Debt instruments, percentage contributed to fair value of plan assets | 20% | |
Other assets, percentage contributed to fair value of plan assets | 0% | |
Maximum | ||
Disclosure of fair value of plan assets [line items] | ||
Debt instruments, percentage contributed to fair value of plan assets | 55% | |
Other assets, percentage contributed to fair value of plan assets | 34% | |
Canadian | ||
Disclosure of fair value of plan assets [line items] | ||
Equities | 28% | 26% |
Canadian | Minimum | ||
Disclosure of fair value of plan assets [line items] | ||
Equities | 2% | |
Canadian | Maximum | ||
Disclosure of fair value of plan assets [line items] | ||
Equities | 30% | |
Foreign | ||
Disclosure of fair value of plan assets [line items] | ||
Equities | 17% | 30% |
Foreign | Minimum | ||
Disclosure of fair value of plan assets [line items] | ||
Equities | 15% | |
Foreign | Maximum | ||
Disclosure of fair value of plan assets [line items] | ||
Equities | 57% |
Share capital - Narrative (Deta
Share capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jun. 07, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 23, 2022 | |
Disclosure of classes of share capital [line items] | ||||
Stock repurchase program, number of additional shares authorized | 4,063,696 | |||
Repurchase of Common shares for cancellation | $ 129 | $ 1,990 | ||
Normal Course Issuer Bid Program | ||||
Disclosure of classes of share capital [line items] | ||||
Repurchase of common shares for cancellation (in share) | 10,475,115 | |||
Treasury shares, repurchased, average price (in USD/CAD per share) | $ 70.24 | $ 82.01 | ||
Substantial Issuer Bid | ||||
Disclosure of classes of share capital [line items] | ||||
Repurchase of common shares for cancellation (in share) | 11,898,205 | 1,834,801 | ||
Treasury shares, repurchased, average price (in USD/CAD per share) | $ 95 | |||
Repurchase of Common shares for cancellation | $ 1,130 | |||
Share Option Plans | ||||
Disclosure of classes of share capital [line items] | ||||
Increase in number of shares outstanding | 0 | |||
Employee Share Purchase Plan | ||||
Disclosure of classes of share capital [line items] | ||||
Increase in number of shares outstanding | 0 | |||
Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised | 400,000,000 | |||
Class B common shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised | 20,000,000 | |||
Preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised | 10,000,000 |
Share capital (Details)
Share capital (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of classes of share capital [line items] | |||
Share capital | $ 2,607,000,000 | $ 2,667,000,000 | |
Equity | $ 7,223,000,000 | $ 7,619,000,000 | $ 7,656,000,000 |
Share capital | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 81,720,996 | 83,555,414 | |
Equity | $ 2,607,000,000 | $ 2,667,000,000 | |
Ordinary shares | Share capital | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 79,439,518 | 81,273,936 | |
Class B common shares | Share capital | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 2,281,478 | 2,281,478 | |
Equity | $ 0 | $ 0 |
Equity-based compensation - Nar
Equity-based compensation - Narrative (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2023 CAD ($) shares | Dec. 31, 2022 CAD ($) shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||||||
Expense from equity-settled share-based payment transactions | $ 25 | $ 5 | ||||
Equity-based compensation | $ 25 | 5 | ||||
Exercised (in CAD per share) | $ / shares | $ 59.81 | $ 62.83 | ||||
Ordinary shares | ||||||
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 | |||
Number of share options available remaining for issuance | shares | 777,255 | |||||
Equity-based compensation | $ 11 | (4) | ||||
Share-based payment arrangements, vesting rate | 20% | |||||
Share-based payment arrangements, vesting period | 10 years | |||||
Exercised (in CAD per share) | $ / shares | $ 107.45 | $ 120.95 | ||||
Liabilities from share-based payment transactions | $ 30 | $ 30 | $ 23 | $ 23 | ||
Weighted average share price, share options granted | (per share) | $ 34.21 | $ 46.17 | $ 27.34 | $ 35.59 | ||
Intrinsic value of liabilities from share-based payment transactions for which counterparty's right to cash or other assets vested | $ 22 | $ 14 | ||||
Phantom Share Unit | ||||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||||
Equity-based compensation | $ 12 | $ 10 | ||||
Share-based payment arrangements, vesting period | 3 years | |||||
Number of other equity instruments outstanding in share-based payment arrangement | shares | 179,757 | 179,757 | 184,207 | 184,207 | 179,757 | 184,207 |
Performance Share Units | ||||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||||
Number of other equity instruments outstanding in share-based payment arrangement | shares | 179,757 | 179,757 | 167,156 | 167,156 | 179,757 | 167,156 |
Deferred Share Unit | ||||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||||
Equity-based compensation | $ (1) | |||||
Recovery of expense from share-based payment transactions | $ 2 | |||||
Number of other equity instruments outstanding in share-based payment arrangement | shares | 78,895 | 78,895 | 97,884 | 97,884 | 78,895 | 97,884 |
Equity-based compensation - Sha
Equity-based compensation - Share Option Activity (Details) | 12 Months Ended | |
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | |
Share-Based Payment Arrangements [Abstract] | ||
Number of share options outstanding in share-based payment arrangement | shares | 841,305 | 1,077,840 |
Number of share options granted in share-based payment arrangement | shares | 137,115 | 124,566 |
Number of share options exercised in share-based payment arrangement | shares | (123,781) | (351,448) |
Number of share options forfeited in share-based payment arrangement | shares | (4,969) | (9,653) |
Number of share options outstanding in share-based payment arrangement | shares | 849,670 | 841,305 |
Number of share options exercisable in share-based payment arrangement | shares | 568,481 | 408,115 |
Granted (in CAD per share) | $ / shares | $ 109.42 | $ 123.63 |
Outstanding - beginning of year (in CAD per share) | $ / shares | 76.19 | 66.64 |
Exercised (in CAD per share) | $ / shares | 59.81 | 62.83 |
Expired/Cancelled (in USD per share) | $ / shares | 85.54 | 108.40 |
Outstanding - end of year (in CAD per share) | $ / shares | 83.59 | 76.19 |
Exercisable - end of year (in CAD per share) | $ / shares | $ 75.63 | $ 62.71 |
Equity-based compensation - Ran
Equity-based compensation - Range of Exercise Prices (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | shares | 849,670 | 841,305 | 1,077,840 |
Weighted average remaining contractual life of outstanding share options | 6 years 3 months 18 days | ||
Weighted average exercise price (in CAD per share) | $ 83.59 | $ 76.19 | $ 66.64 |
Number of share options exercisable in share-based payment arrangement | shares | 568,481 | 408,115 | |
Weighted average exercise price of shares exercisable (in CAD per share) | $ 75.63 | $ 62.71 | |
Exercise Price Range One | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | shares | 167,737 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 4 months 24 days | ||
Weighted average exercise price (in CAD per share) | $ 49.15 | ||
Number of share options exercisable in share-based payment arrangement | shares | 152,212 | ||
Weighted average exercise price of shares exercisable (in CAD per share) | $ 48.45 | ||
Exercise Price Range Two | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | shares | 241,690 | ||
Weighted average remaining contractual life of outstanding share options | 6 years | ||
Weighted average exercise price (in CAD per share) | $ 67.87 | ||
Number of share options exercisable in share-based payment arrangement | shares | 198,029 | ||
Weighted average exercise price of shares exercisable (in CAD per share) | $ 68.20 | ||
Exercise Price Range Three | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | shares | 185,836 | ||
Weighted average remaining contractual life of outstanding share options | 7 years 3 months 18 days | ||
Weighted average exercise price (in CAD per share) | $ 90.75 | ||
Number of share options exercisable in share-based payment arrangement | shares | 127,636 | ||
Weighted average exercise price of shares exercisable (in CAD per share) | $ 89.82 | ||
Exercise Price Range Four | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | shares | 254,407 | ||
Weighted average remaining contractual life of outstanding share options | 9 years 1 month 6 days | ||
Weighted average exercise price (in CAD per share) | $ 116.02 | ||
Number of share options exercisable in share-based payment arrangement | shares | 90,604 | ||
Weighted average exercise price of shares exercisable (in CAD per share) | $ 117.56 | ||
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) | 40.97 | ||
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) | 64.50 | ||
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) | 85.40 | ||
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) | 109.42 | ||
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) | 56 | ||
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) | 73.99 | ||
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) | 92.79 | ||
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) | $ 123.63 |
Equity-based compensation - Sch
Equity-based compensation - Schedule of inputs (Details) | 12 Months Ended | |
Dec. 31, 2023 CAD ($) $ / $ $ / shares | Dec. 31, 2022 CAD ($) $ / $ $ / shares | |
Share-Based Payment Arrangements [Abstract] | ||
Share price on balance sheet (in CAD per share) | $ 113.45 | $ 98.20 |
Weighted average exercise price (in CAD per share) | $ 83.59 | $ 76.19 |
Expected dividend (in CAD per share) | $ | $ 1.59 | $ 1.63 |
Expected volatility, share options granted | 42.22% | 45.15% |
Risk free interest rate, share options granted | 3.57% | 3.77% |
Option life, share options granted | $ / $ | 4.07 | 4.14 |
Restructuring and impairment _2
Restructuring and impairment charges - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restructuring and impairment charges [Line Items] | ||
Restructuring and impairment charges | $ 279 | $ 60 |
Impairment | 209 | 48 |
Recoverable amount of impairment | 36 | |
Other Restructuring Charges | 3 | 9 |
Hinton pulp mill | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | 121 | 13 |
Quesnel River Pul Mill and Slave Lake Pulp Mill | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | 20 | 0 |
US lumber | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | 47 | 29 |
Canadian lumber | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | 81 | 0 |
Investments accounted for using equity method [member] | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | $ 7 | $ 0 |
Restructuring and impairment _3
Restructuring and impairment charges - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restructuring and impairment charges [Line Items] | ||
Impairment | $ 209 | $ 48 |
Other Restructuring Charges | 3 | 9 |
Restructuring and impairment charges | 279 | 60 |
Hinton pulp mill | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | 121 | 13 |
Quesnel River Pul Mill and Slave Lake Pulp Mill | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | 20 | 0 |
Canadian lumber | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | 81 | 0 |
US lumber | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | 47 | 29 |
South Molton mill | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | 0 | 9 |
Investments accounted for using equity method [member] | ||
Restructuring and impairment charges [Line Items] | ||
Impairment | $ 7 | $ 0 |
Finance expense, net (Details)
Finance expense, net (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Interest expense | $ (24) | $ (24) |
Interest income on cash and cash equivalents | 47 | 18 |
Interest Income On Duty Deposits Receivable, Net Of Interest Expense | 27 | 9 |
Finance Expense On Employee Future Benefits | 1 | (6) |
Finance income (cost) | $ 51 | $ (3) |
Other (Details)
Other (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Foreign exchange gain (loss) | $ (7) | $ 28 |
Settlement costs related to pension annuity purchase agreement | 6 | (5) |
Gain on electricity swaps | 17 | 0 |
Gain (loss) on interest rate swap contracts | (6) | 13 |
Other | (5) | 1 |
Other Nonoperating Income (Expense), Total | $ 5 | $ 37 |
Tax provision - Major component
Tax provision - Major components of income tax (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Recognized In Profit Or Loss [Abstract] | ||
Current tax expense (income) | $ (61) | $ (581) |
Deferred tax expense (income) recognised in profit or loss | 122 | (37) |
Tax expense (income) | 61 | (618) |
Income Tax Expense Recognized In Other Comprehensive Income [Abstract] | ||
Income tax relating to components of other comprehensive income | 12 | (56) |
Income Tax Expense (Income) Recognized In Profit Or Loss And Comprehensive Income | $ 73 | $ (674) |
Tax provision - Income tax rate
Tax provision - Income tax rate reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Income Tax [Abstract] | ||
Income tax recovery (provision) at statutory rate of 27% | $ 62 | $ (700) |
Non-taxable amounts | 0 | (10) |
Rate differentials between jurisdictions and on specified activities | (3) | 81 |
Other | 2 | (9) |
Tax expense (income) | $ 61 | $ (618) |
Tax provision - Deferred income
Tax provision - Deferred income tax liabilities (assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | $ 677 | $ 791 |
Deferred tax assets | (6) | (4) |
Deferred tax liabilities | 683 | 795 |
Net operating losses | 83 | 56 |
Net operating losses, not yet recognized | 32 | 35 |
Capital losses, not yet recognized | 83 | 56 |
Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net operating losses | 241 | 61 |
State | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Net operating losses | 306 | 345 |
Net operating losses, not yet recognized | 270 | 272 |
Property, Plant And Equipment And Intangibles | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | 737 | 796 |
Reforestation And Decommissioning Obligations | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | (30) | (30) |
Employee Benefits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | (22) | (12) |
Export Duty Deposits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | 90 | 72 |
Tax loss carry-forwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | (47) | (11) |
Inventory | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | (12) | (4) |
Other temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liability (asset) | $ (39) | $ (20) |
Employee compensation - Narrati
Employee compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Employee compensation expense | $ 989 | $ 1,133 |
Employee compensation (Details)
Employee compensation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Compensation Expense [Abstract] | ||
Wages and salaries, and short-term employee benefits expense | $ 8 | $ 13 |
Post-employment benefit expense in profit or loss | 2 | 2 |
Equity-based compensation | 19 | 4 |
Employee compensation expense | 29 | 19 |
Employee Compensation Accruals [Abstract] | ||
Employee Compensation Payable | 0 | 6 |
Equity-based compensation | 39 | 35 |
Employee compensation payable | $ 39 | $ 41 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings (loss) | ||
Numerator for basic EPS | $ (167) | $ 1,975 |
Cash-settled (recovery) expense included in earnings | 0 | (5) |
Equity-settled expense adjustment | 0 | (5) |
Numerator for diluted EPS | $ (167) | $ 1,965 |
Weighted average number of shares | ||
Basic (in shares) | 83,199 | 93,760 |
Share options (in shares) | 0 | 413 |
Diluted (in shares) | 83,199 | 94,173 |
Earnings per share | ||
Basic (in usd per share) | $ (2.01) | $ 21.06 |
Diluted (in usd per share) | $ (2.01) | $ 20.86 |
Financial instruments - Financi
Financial instruments - Financial assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 1,230 | $ 1,524 |
Financial assets, fair value | 1,230 | 1,524 |
Financial liabilities | 1,132 | 1,226 |
Financial liabilities, fair value | 1,126 | 1,217 |
Payables and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 620 | 722 |
Financial liabilities, fair value | 620 | 722 |
Long-Term Debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 500 | 500 |
Financial liabilities, fair value | 494 | 491 |
Electricity Swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 22 | |
Financial assets, fair value | 22 | |
Financial liabilities | 12 | 4 |
Financial liabilities, fair value | 12 | 4 |
Financial liabilities at fair value through profit or loss, category | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 12 | 4 |
Financial liabilities at fair value through profit or loss, category | Payables and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Financial liabilities at fair value through profit or loss, category | Electricity Swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 22 | |
Financial liabilities | 12 | 4 |
Financial Liabilities, Other, Category | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,120 | 1,222 |
Financial Liabilities, Other, Category | Payables and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 620 | 722 |
Financial Liabilities, Other, Category | Long-Term Debt | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 500 | 500 |
Cash And Short Term Investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 900 | 1,162 |
Financial assets, fair value | 900 | 1,162 |
Trade receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 302 | 350 |
Financial assets, fair value | 302 | 350 |
Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 6 | 12 |
Financial assets, fair value | 6 | 12 |
Financial assets at amortised cost, category | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 1,202 | 1,512 |
Financial liabilities | 0 | 0 |
Financial assets at amortised cost, category | Cash And Short Term Investments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 900 | 1,162 |
Financial assets at amortised cost, category | Trade receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 302 | 350 |
Financial assets at fair value through profit or loss, category | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | 28 | 12 |
Financial assets at fair value through profit or loss, category | Interest rate swaps | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 6 | $ 12 |
Financial instruments - Narrati
Financial instruments - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2022 USD ($) | |
Disclosure of financial assets [line items] | |||
Financial assets | $ 1,230 | $ 1,524 | |
Borrowings | 582 | 598 | |
Gain (Loss) on Future Electricity Swaps | 20 | ||
Forecast | |||
Disclosure of financial assets [line items] | |||
Contractual commitments for acquisition of property, plant and equipment | $ 265 | ||
United States of America, Dollars | |||
Disclosure of financial assets [line items] | |||
Change in value of earnings, increase (decrease) of one cent increase (decrease) | 2 | ||
Change in value of foreign currency, increase (decrease) of one cent increase (decrease) | 8 | ||
Canada, Dollars | |||
Disclosure of financial assets [line items] | |||
Change in value of earnings, increase (decrease) of one cent increase (decrease) | 2 | ||
Change in value of foreign currency, increase (decrease) of one cent increase (decrease) | 8 | ||
United Kingdom, Pounds | |||
Disclosure of financial assets [line items] | |||
Change in value of foreign currency, increase (decrease) of one cent increase (decrease) | 8 | ||
Euro Member Countries, Euro | |||
Disclosure of financial assets [line items] | |||
Change in value of foreign currency, increase (decrease) of one cent increase (decrease) | 8 | ||
Electricity Swaps | |||
Disclosure of financial assets [line items] | |||
Financial assets | 22 | ||
Long-term debt | 10 | 4 | |
Trade receivables | |||
Disclosure of financial assets [line items] | |||
Financial assets | $ 302 | $ 350 | |
Trade receivables | Credit risk | |||
Disclosure of financial assets [line items] | |||
Credit risk | 0.26 | 0.45 |
Financial instruments - Aging a
Financial instruments - Aging analysis of trade accounts receivable (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Current trade receivables | $ 250 | $ 286 |
Insurance receivable | 0 | 3 |
Sales taxes receivable | 26 | 22 |
Other | 35 | 39 |
Total trade and other current receivables | 311 | 350 |
Electricity swaps | 10 | |
Cash outflows | 1,158 | |
Later than five years and not later than ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Electricity swaps | 14 | |
Cash outflows | 1,190 | |
Not later than one year [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Electricity swaps | 3 | |
Cash outflows | 951 | |
Later than one year and not later than two years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Electricity swaps | 0 | |
Cash outflows | 215 | |
Later than two years and not later than three years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Electricity swaps | 0 | |
Cash outflows | 5 | |
Later than three years and not later than four years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Electricity swaps | 1 | |
Cash outflows | 3 | |
Later than five years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Electricity swaps | 10 | |
Cash outflows | 16 | |
Current | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current trade receivables | 215 | 256 |
Not Later Than 30 Days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current trade receivables | 28 | 19 |
Later Than 30 Days And Not Later Than 60 Days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current trade receivables | 4 | 9 |
Later Than 60 Days | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current trade receivables | $ 3 | $ 2 |
Financial instruments - Contrac
Financial instruments - Contractual future cash outflows for long-term debt (Details) $ in Millions | Dec. 31, 2023 USD ($) |
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 | 39 |
Payables and accrued liabilities | 620 |
Cash outflows | 1,158 |
Later than five years and not later than ten years [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Long-term debt | 500 |
Interest on long-term debt | 25 |
Bonds Issued, Lease Obligations, Undiscounted Cash Flows | 45 |
Payables and accrued liabilities | 620 |
Cash outflows | 1,190 |
Not later than one year [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Long-term debt | 300 |
Interest on long-term debt | 18 |
Bonds Issued, Lease Obligations, Undiscounted Cash Flows | 13 |
Payables and accrued liabilities | 620 |
Cash outflows | 951 |
Later than one year and not later than two years [member] | |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |
Long-term debt | 200 |
Interest on long-term debt | 7 |
Bonds Issued, Lease Obligations, Undiscounted Cash Flows | 8 |
Payables and accrued liabilities | 0 |
Cash outflows | 215 |
Later than two years and not later than three years [member] | |
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 |
Payables and accrued liabilities | 0 |
Cash outflows | 5 |
Later than three years and not later than four years [member] | |
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 | 3 |
Payables and accrued liabilities | 0 |
Cash outflows | 3 |
Later than five years [member] | |
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 | 16 |
Payables and accrued liabilities | 0 |
Cash outflows | $ 16 |
Financial instruments - Finan_2
Financial instruments - Financial instruments indexed to LIBOR (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Debt | $ 582 | $ 598 |
Term Loan | Financial instruments indexed to LIBOR | ||
Disclosure of detailed information about financial instruments [line items] | ||
Debt | 200 | |
Interest rate swap contract | Financial instruments indexed to LIBOR | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivatives | $ 6 |
Capital disclosures (Details)
Capital disclosures (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 582 | $ 598 | |
Cash and cash equivalents | 900 | 1,162 | $ 1,568 |
Cheques Issued In Excess Of Funds On Deposit | 0 | 0 | |
Net Borrowings | (361) | (625) | |
Equity | 7,223 | 7,619 | $ 7,656 |
Borrowings And Equity | $ 7,805 | $ 8,217 | |
Total Debt To Total Capital Ratio | 7% | 7% | |
Total Capital and Debt | $ 6,862 | $ 6,994 | |
Total Net Debt To Net Capital | (5.00%) | (9.00%) | |
Operating Loan | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 0 | $ 0 | |
Lease liabilities | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 39 | 37 | |
Long-Term Debt | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 500 | 500 | |
Derivatives | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 0 | 0 | |
Open letters of credit | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 43 | $ 61 |
Segment and geographical info_3
Segment and geographical information - Segment information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of operating segments [line items] | ||
Sales | $ 6,454 | $ 9,701 |
Cost of products sold | (4,685) | (5,142) |
Freight and other distribution costs | (894) | (963) |
Export duties, net | (8) | (18) |
Amortization | (541) | (589) |
Selling, general and administration | (307) | (365) |
Equity-based compensation | (25) | (5) |
Profit (loss) from operating activities | (284) | 2,559 |
Total assets | 9,415 | 9,973 |
Total liabilities | 2,193 | 2,354 |
Lumber | ||
Disclosure of operating segments [line items] | ||
Sales | 2,794 | 4,465 |
NA EWP | ||
Disclosure of operating segments [line items] | ||
Sales | 2,608 | 3,789 |
Pulp & Paper | ||
Disclosure of operating segments [line items] | ||
Sales | 623 | 807 |
Europe EWP | ||
Disclosure of operating segments [line items] | ||
Sales | 517 | 738 |
Corporate & Other | ||
Disclosure of operating segments [line items] | ||
Sales | (89) | (98) |
Operating segments | ||
Disclosure of operating segments [line items] | ||
Sales | 6,454 | 9,701 |
Cost of products sold | (4,685) | (5,142) |
Freight and other distribution costs | (894) | (963) |
Export duties, net | (8) | (18) |
Amortization | (541) | (589) |
Selling, general and administration | (307) | (365) |
Equity-based compensation | (25) | (5) |
Restructuring and impairment charges | (279) | (60) |
Profit (loss) from operating activities | (284) | 2,559 |
Total assets | 9,415 | 9,973 |
Total liabilities | 2,193 | 2,354 |
Capital expenditures | 477 | 477 |
Operating segments | Lumber | ||
Disclosure of operating segments [line items] | ||
Sales | 2,722 | 4,381 |
Cost of products sold | (2,215) | (2,489) |
Freight and other distribution costs | (405) | (435) |
Export duties, net | (8) | (18) |
Amortization | (185) | (186) |
Selling, general and administration | (164) | (194) |
Equity-based compensation | 0 | 0 |
Restructuring and impairment charges | (137) | (31) |
Profit (loss) from operating activities | (319) | 1,111 |
Total assets | 3,606 | 3,685 |
Total liabilities | 507 | 553 |
Capital expenditures | 253 | 184 |
Operating segments | NA EWP | ||
Disclosure of operating segments [line items] | ||
Sales | 2,602 | 3,780 |
Cost of products sold | (1,594) | (1,677) |
Freight and other distribution costs | (329) | (329) |
Export duties, net | 0 | 0 |
Amortization | (273) | (306) |
Selling, general and administration | (96) | (106) |
Equity-based compensation | 0 | 0 |
Restructuring and impairment charges | 0 | 0 |
Profit (loss) from operating activities | 316 | 1,371 |
Total assets | 4,338 | 4,637 |
Total liabilities | 551 | 622 |
Capital expenditures | 156 | 235 |
Operating segments | Pulp & Paper | ||
Disclosure of operating segments [line items] | ||
Sales | 612 | 802 |
Cost of products sold | (555) | (596) |
Freight and other distribution costs | (120) | (153) |
Export duties, net | 0 | 0 |
Amortization | (24) | (35) |
Selling, general and administration | (25) | (32) |
Equity-based compensation | 0 | 0 |
Restructuring and impairment charges | (142) | (13) |
Profit (loss) from operating activities | (242) | (22) |
Total assets | 333 | 456 |
Total liabilities | 125 | 90 |
Capital expenditures | 32 | 29 |
Operating segments | Europe EWP | ||
Disclosure of operating segments [line items] | ||
Sales | 517 | 738 |
Cost of products sold | (409) | (479) |
Freight and other distribution costs | (40) | (46) |
Export duties, net | 0 | 0 |
Amortization | (49) | (53) |
Selling, general and administration | (21) | (28) |
Equity-based compensation | 0 | 0 |
Restructuring and impairment charges | 0 | (15) |
Profit (loss) from operating activities | (3) | 117 |
Total assets | 691 | 730 |
Total liabilities | 149 | 170 |
Capital expenditures | 30 | 20 |
Operating segments | Corporate & Other | ||
Disclosure of operating segments [line items] | ||
Sales | 0 | 0 |
Cost of products sold | 89 | 98 |
Freight and other distribution costs | 0 | 0 |
Export duties, net | 0 | 0 |
Amortization | (10) | (9) |
Selling, general and administration | 0 | (5) |
Equity-based compensation | (25) | (5) |
Restructuring and impairment charges | 0 | 0 |
Profit (loss) from operating activities | (35) | (18) |
Total assets | 446 | 465 |
Total liabilities | 861 | 919 |
Capital expenditures | 7 | 9 |
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 | 72 | 84 |
Elimination of intersegment amounts | NA EWP | ||
Disclosure of operating segments [line items] | ||
Sales | 6 | 9 |
Elimination of intersegment amounts | Pulp & Paper | ||
Disclosure of operating segments [line items] | ||
Sales | 11 | 5 |
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 | $ (89) | $ (98) |
Segment and geographical info_4
Segment and geographical information - Geographic distribution (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of operating segments [line items] | ||
Non-current assets | $ 7,038 | $ 7,224 |
Sales | 6,454 | 9,701 |
UNITED STATES | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 2,689 | 2,625 |
Sales | 4,251 | 6,659 |
CANADA | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 3,883 | 4,139 |
Sales | 1,118 | 1,531 |
U.K and Europe [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 466 | 460 |
Sales | 524 | 733 |
Asia [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 0 | 0 |
Sales | 557 | 767 |
Other Geographical Areas [Member] | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 0 | 0 |
Sales | $ 4 | $ 11 |
Countervailing ("CVD") and an_3
Countervailing ("CVD") and antidumping ("ADD") duty dispute - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of contingent liabilities [line items] | |||
Duty Recoverable Attributable To AR3 | $ 62 | $ 0 | |
Export duties payable | 24 | 73 | $ 69 |
USDOC | |||
Disclosure of contingent liabilities [line items] | |||
Export duties payable | $ 836 | $ 784 |
Countervailing ("CVD") and an_4
Countervailing ("CVD") and antidumping ("ADD") duty dispute - CVD and ADD Rates (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
AR1 POI | Effective Date One | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 24.12% | |
Countervailing Dispute, Price and Output Indices Rate | 6.76% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 6.76% | |
Antidumping Dispute, Price and Output Indices Rate | 1.40% | |
Antidumping Dispute, Estimated Rate | 1.46% | |
AR1 POI | Effective Date Two | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 0% | |
Countervailing Dispute, Price and Output Indices Rate | 0% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 5.57% | |
Antidumping Dispute, Price and Output Indices Rate | 1.40% | |
Antidumping Dispute, Estimated Rate | 1.46% | |
AR1 POI | Effective Date Three | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 17.99% | |
Countervailing Dispute, Price and Output Indices Rate | 6.76% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 5.57% | |
Antidumping Dispute, Price and Output Indices Rate | 1.40% | |
Antidumping Dispute, Estimated Rate | 1.46% | |
AR1 POI | Effective Date Four | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 17.99% | |
Countervailing Dispute, Price and Output Indices Rate | 7.57% | |
AR2 POI | Effective Date Five | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 17.99% | |
Countervailing Dispute, Price and Output Indices Rate | 5.08% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 5.57% | |
Antidumping Dispute, Price and Output Indices Rate | 6.06% | |
Antidumping Dispute, Estimated Rate | 4.65% | |
AR3 POI | Effective Date Six | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 17.99% | |
Countervailing Dispute, Price and Output Indices Rate | 3.62% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 5.57% | |
Antidumping Dispute, Price and Output Indices Rate | 4.63% | |
Antidumping Dispute, Estimated Rate | 3.40% | |
AR3 POI | Effective Date Seven | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 7.57% | |
Countervailing Dispute, Price and Output Indices Rate | 3.62% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 1.40% | |
Antidumping Dispute, Price and Output Indices Rate | 4.63% | |
Antidumping Dispute, Estimated Rate | 3.40% | |
AR4 POI | Effective Date Eight | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 7.57% | |
Countervailing Dispute, Price and Output Indices Rate | 2.19% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 1.40% | |
Antidumping Dispute, Price and Output Indices Rate | 7.06% | |
Antidumping Dispute, Estimated Rate | 6.80% | |
AR4 POI | Effective Date Nine | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 5.06% | |
Countervailing Dispute, Price and Output Indices Rate | 2.19% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 6.06% | |
Antidumping Dispute, Price and Output Indices Rate | 7.06% | |
Antidumping Dispute, Estimated Rate | 6.80% | |
AR4 POI | Effective Date Ten | ||
Antidumping Info [Abstract] | ||
Antidumping Dispute, Estimated Rate | 8.84% | 4.52% |
AR5 POI | Effective Date Ten | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 5.06% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 6.06% | |
Antidumping Dispute, Estimated Rate | 4.52% | |
AR5 POI | Effective Date Eleven | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 5.08% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 4.63% | |
Antidumping Dispute, Estimated Rate | 4.52% | |
AR5 POI | Effective Date Twelve | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 3.62% | |
AR6 POI | Effective Date Twelve | ||
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 4.63% | |
Antidumping Dispute, Estimated Rate | 8.84% | |
AR6 POI | Effect Date Thirteen | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 3.62% | |
Antidumping Info [Abstract] | ||
Antidumping Dispute, Cash Deposit Rate | 7.06% | |
Antidumping Dispute, Estimated Rate | 8.84% | |
AR6 POI | Effective Date Fourteen | ||
Countervailing Info [Abstract] | ||
Countervailing Dispute, Cash Deposit Rate | 2.19% |
Countervailing ("CVD") and an_5
Countervailing ("CVD") and antidumping ("ADD") duty dispute - Impact on results (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of contingent liabilities [line items] | ||
Cash deposits paid | $ (53) | $ (117) |
Adjust to West Fraser Estimated ADD rate | (17) | 18 |
Effective duty expense for period | (70) | (99) |
Duty recovery attributable to AR2 | 0 | 81 |
Duty Recoverable Attributable To AR3 | 62 | 0 |
Export duty (expense) recovery | (8) | (18) |
Interest Income On Duty Deposits | $ 27 | $ 9 |
AR3 POI | Effective Date Six | ||
Disclosure of contingent liabilities [line items] | ||
Antidumping Dispute, Estimated Rate | 3.40% | |
AR3 POI | Effective Date Seven | ||
Disclosure of contingent liabilities [line items] | ||
Antidumping Dispute, Estimated Rate | 3.40% | |
AR4 POI | Effective Date Two | ||
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 Dispute, Estimated Rate | 6.80% | |
AR4 POI | Effective Date Nine | ||
Disclosure of contingent liabilities [line items] | ||
Antidumping Dispute, Estimated Rate | 6.80% | |
AR4 POI | Effective Date Ten | ||
Disclosure of contingent liabilities [line items] | ||
Antidumping Dispute, Estimated Rate | 8.84% | 4.52% |
AR5 POI | Effective Date Three | ||
Disclosure of contingent liabilities [line items] | ||
Antidumping and Countervailing Combine Rates | 11.14% | |
AR5 POI | Effective Date Four | ||
Disclosure of contingent liabilities [line items] | ||
Antidumping and Countervailing Combine Rates | 8.25% | |
AR5 POI | Effective Date Ten | ||
Disclosure of contingent liabilities [line items] | ||
Antidumping Dispute, Estimated Rate | 4.52% | |
AR5 POI | Effective Date Eleven | ||
Disclosure of contingent liabilities [line items] | ||
Antidumping Dispute, Estimated Rate | 4.52% |
Countervailing ("CVD") and an_6
Countervailing ("CVD") and antidumping ("ADD") duty dispute - Impact on balance sheet (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Export Duty Deposits Receivable [Roll Forward] | ||
Beginning of year | $ 354 | $ 242 |
Export duties recognized as duty deposits receivable | 0 | 97 |
Interest Income On Duty Deposits Receivable | 23 | 15 |
End of year | 377 | 354 |
Export Duties Payable [Roll Forward] | ||
Beginning of year | 73 | 69 |
Export duties recognized as long-term payable | (45) | (2) |
Interest Income On Duty Deposits Payable | (4) | 6 |
End of year | $ 24 | $ 73 |