West Fraser Timber (WFG) 40-F 12 Feb 25 2024 FY Annual report (Canada) Financial data

Cover

Cover - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
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, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Central Index Key	0001402388
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Classes of share capital
Document Information [Line Items]
Number of shares issued	79,988,266	81,720,996
Business Contact
Document Information [Line Items]
Contact Personnel Name	West Fraser, Inc.
Entity Address, Address Line One	57 Germantown Court
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Cordova
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	38018-4274
City Area Code	901
Local Phone Number	620-4200

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Vancouver, Canada
Auditor Firm ID	271

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 641,000,000	$ 900,000,000
Receivables	294,000,000	311,000,000
Income taxes receivable	22,000,000	93,000,000
Inventories	844,000,000	851,000,000
Prepaid expenses	36,000,000	40,000,000
Assets held for sale	0	182,000,000
Current assets	1,837,000,000	2,377,000,000
Property, plant and equipment	3,842,000,000	3,835,000,000
Timber licences	358,000,000	376,000,000
Goodwill and other intangible assets	2,180,000,000	2,307,000,000
Export duty deposits	408,000,000	377,000,000
Other assets	129,000,000	137,000,000
Deferred income tax assets	7,000,000	6,000,000
Assets	8,760,000,000	9,415,000,000
Current liabilities
Payables and accrued liabilities	604,000,000	620,000,000
Current portion of long-term debt	200,000,000	300,000,000
Current portion of reforestation and decommissioning obligations	55,000,000	60,000,000
Income taxes payable	75,000,000	7,000,000
Liabilities associated with assets held for sale	0	63,000,000
Current liabilities	934,000,000	1,050,000,000
Long-term debt	0	199,000,000
Other liabilities	264,000,000	260,000,000
Deferred income tax liabilities	609,000,000	683,000,000
Liabilities	1,807,000,000	2,193,000,000
Shareholders’ Equity
Share capital	2,549,000,000	2,607,000,000
Retained earnings	4,726,000,000	4,913,000,000
Accumulated other comprehensive loss	(321,000,000)	(297,000,000)
Shareholders’ equity	6,954,000,000	7,223,000,000
Liabilities and shareholders' equity	$ 8,760,000,000	$ 9,415,000,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Feb. 11, 2025 shares
Class B common shares
Condensed Financial Statements, Captions [Line Items]
Number of shares outstanding	79,689,597
Common Shares
Condensed Financial Statements, Captions [Line Items]
Number of shares outstanding	79,689,597

Consolidated Statements of Earn

Consolidated Statements of Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Sales	$ 6,174	$ 6,454
Costs and expenses
Cost of products sold	4,333	4,685
Freight and other distribution costs	815	894
Export duties, net	72	8
Amortization	549	541
Selling, general and administration	282	307
Equity-based compensation	14	25
Restructuring and impairment charges	102	279
Operating expense	6,167	6,738
Profit (loss) from operating activities	7	(284)
Finance income, net	34	51
Other income (expense)	(2)	5
Earnings (loss) before tax	38	(228)
Tax recovery (provision)	(43)	61
Loss	$ (5)	$ (167)
Earnings per share
Basic (in usd per share)	$ (0.06)	$ (2.01)
Diluted (in usd per share)	$ (0.07)	$ (2.01)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of comprehensive income [abstract]
Profit (loss)	$ (5)	$ (167)
Items that may be reclassified to earnings
Translation loss on foreign operations	(24)	34
Items that will not be reclassified to earnings
Actuarial loss on retirement benefits, net of tax	8	(35)
Total other comprehensive income	(16)	0
Comprehensive loss	$ (21)	$ (167)

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, 2022			83,555,414
Balance, beginning of year at Dec. 31, 2022	$ 7,619		$ 2,667	$ 5,283	$ (332)
Profit (loss)	(167)			(167)
Translation loss on foreign operations	34				34
Actuarial loss on retirement benefits, net of tax	(35)			(35)
Issuance of common shares			383
Repurchase of common shares for cancellation (in share)			(1,834,801)
Repurchase of Common shares for cancellation	(129)		$ (60)	(69)
Dividends declared	(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)
Profit (loss)	(5)			(5)
Translation loss on foreign operations	(24)				(24)
Actuarial loss on retirement benefits, net of tax	8			8
Issuance of common shares			12,550
Repurchase of Common shares for cancellation	1		$ 1
Repurchase of common shares for cancellation (in share)			(1,745,280)
Repurchase of Common shares for cancellation	(147)		$ (59)	(88)
Dividends declared	(102)	[1]		(102)
Balance, end of year (in shares) at Dec. 31, 2024			79,988,266
Balance, end of year at Dec. 31, 2024	$ 6,954		$ 2,549	$ 4,726	$ (321)
[1] Cash dividends declared during the year ended December 31, 2023 were $1.20 per share. Cash dividends declared during the year ended December 31, 2024 were $1.26 per share.

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of changes in equity [abstract]
Dividends recognised as distributions to owners per share (in dollars per share)	$ 1.26	$ 1.20

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash provided by operating activities
Profit (loss)	$ (5)	$ (167)
Adjustments
Amortization	549	541
Restructuring and impairment charges	102	279
Finance income, net	(34)	(51)
Foreign exchange (gain) loss	(7)	7
Export duty	10	(45)
Retirement benefit expense	77	77
Net contributions to retirement benefit plans	(55)	(37)
Tax provision (recovery)	43	(61)
Income taxes received (paid)	3	(24)
Unrealized loss (gain) on electricity swaps	8	(13)
Other	(15)	8
Changes in non-cash working capital
Receivables	5	6
Inventories	11	132
Prepaid expenses	4	4
Payables and accrued liabilities	(35)	(131)
Cash flows from operating activities	661	525
Cash used for financing activities
Repayment of long-term debt	(300)	0
Repayment of lease obligations	(15)	(15)
Finance expense paid	(27)	(24)
Repurchase of Common shares for cancellation	(140)	(129)
Proceeds from issuing shares	1	0
Dividends paid	(101)	(100)
Cash flows used in financing activities	(582)	(268)
Cash used for investing activities
Spray Lake Acquisition, net of cash acquired	0	(100)
Proceeds from sale of pulp mills	124	0
Additions to capital assets	(487)	(477)
Interest received	43	47
Other inflows (outflows) of cash	2	0
Cash flows used in investing activities	(318)	(530)
Change in cash and cash equivalents	(238)	(273)
Foreign exchange effect on cash and cash equivalents	(21)	10
Cash and cash equivalents at beginning of period	900	1,162
Cash and cash equivalents at end of period	$ 641	$ 900

Nature of operations

Nature of operations	12 Months Ended
	Dec. 31, 2024
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 50 facilities in Canada, the United States, the United Kingdom, and Europe, which promotes sustainable forest practices in its operations. The Company produces lumber, engineered wood products (OSB, LVL, MDF, plywood, and particleboard), pulp, newsprint, wood chips, and other residuals. 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, 2024
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 12, 2025. 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. As at December 31, 2023, the assets and liabilities subject to transfer as a result of the sales of the Hinton pulp mill, Quesnel River Pulp mill, and Slave Lake Pulp mill are 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 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 operation, Alberta Newsprint Company, is accounted for by recognizing our share of the assets, liabilities, revenues, and expenses related to the joint operation. 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 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 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 estimating 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 estimating 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 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. We have adopted these amendments effective January 1, 2024. These amendments did not have a material impact on our consolidated financial statements. Accounting standards issued but not yet applied IFRS 18, Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18"), which replaces IAS 1, Presentation of Financial Statements . IFRS 18 introduces new requirements to improve comparability in the reporting of financial performance to give investors a better basis for analyzing and comparing entities. The standard impacts the presentation of the financial statements and notes, in particular the income statement where entities will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. IFRS 18 will also require management-defined performance measures to be explained and included in a separate note within the financial statements. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027. We are currently assessing the impact of this amendment on our consolidated financial statements. Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 On May 30, 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments: • clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; • clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; • add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and • update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). These amendments are effective for reporting periods beginning on or after January 1, 2026. We are currently assessing the impact of these amendments on our consolidated financial statements.

Business combinations

Business combinations	12 Months Ended
	Dec. 31, 2024
Business Acquisitions [Abstract]
Business combinations	Business combinations 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. Supporting information Cariboo Pulp & Paper We attained sole control of Cariboo Pulp & Paper (“CPP”) during Q1-24 in relation to an agreement (“the CPP agreement”) with Mercer International Inc. (“Mercer”) to dissolve our 50/50 joint venture in Cariboo Pulp & Paper (“CPP JV”). No termination or other amounts are payable by either company in connection with the CPP agreement. CPP produces northern bleached softwood kraft (“NBSK”) pulp, related by-products, and energy. Prior to the CPP agreement, we accounted for the CPP JV under IFRS Accounting Standards by recognizing our share of the assets, liabilities, revenues, and expenses related to this joint operation. Prior to the CPP agreement, the CPP JV was a joint operation under IFRS Accounting Standards that met the definition of a business. Accordingly, we applied the requirements for a business combination achieved in stages in accordance with IFRS 3, Business Combinations . This required us to first remeasure the carrying value of our existing 50% interest in the CPP JV to fair value and then recognize an additional 50% interest in CPP at fair value in accordance with the requirements of IFRS 3. The determination of the fair value of identifiable assets and liabilities required management to use estimates that contain uncertainty and critical judgments. We applied the income approach in determining the fair value of property, plant, and equipment. Cash flow forecasts were based on internal estimates for 2024 through 2027 and estimated mid-cycle earnings for subsequent years. Assumptions included production volume, product pricing, operating costs, terminal multiple, and discount rate. Key assumptions were determined using external sources and historical data from internal sources. We recognized a net gain on the business combination as the estimated fair value of 100% of CPP’s identifiable assets and liabilities exceeded the carrying value of our 50% interest in the CPP JV prior to the CPP agreement. Fair value of identifiable assets and liabilities (100% interest in CPP): Cash $ 2 Accounts receivable 3 Inventories 35 Prepaid expenses 1 Property, plant and equipment 59 Payables and accrued liabilities (39) Other liabilities (14) Deferred income tax liabilities (1) 44 Less: Carrying value of our previously held 50% interest in the CPP JV (43) Net gain resulting from the CPP agreement $ 1 The net gain resulting from the CPP agreement was recognized as other income. Spray Lake Acquisition 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 cash consideration of $101 million (CAD$139 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 estimated fair value of the assets acquired and the liabilities assumed as follows: West Fraser purchase consideration: Cash consideration $ 101 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 41 Payables and accrued liabilities (8) Other liabilities (3) Deferred income tax liabilities (18) $ 101

Cash and cash equivalents

Cash and cash equivalents	12 Months Ended
	Dec. 31, 2024
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 2024 2023 Cash $ 389 $ 513 Cash equivalents 252 387 $ 641 $ 900

Inventories

Inventories	12 Months Ended
	Dec. 31, 2024
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 Inventories at December 31, 2024 were subject to a valuation reserve of $18 million (December 31, 2023 - $31 million) to reflect net realizable value being lower than cost.

Disposal of pulp mills

Disposal of pulp mills	12 Months Ended
	Dec. 31, 2024
Disposal Groups Held For Sale [Abstract]
Disposal of pulp mills	Disposal of pulp mills 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. 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. 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 reversal of $1 million in relation to the sale of the Hinton pulp mill is included in Restructuring and impairment charges for the year ended December 31, 2024 (loss of $121 million for the year ended December 31, 2023) (see note 17). The impairment amounts include remeasurements related to 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 a fund managed by Atlas Holdings (“Atlas”). The transaction closed on April 20, 2024 following the completion of regulatory reviews and satisfaction of customary closing conditions. Under the terms of the agreement, Atlas purchased specified assets, including property, plant and equipment, working capital, and certain timber licenses in Alberta, and assumed 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 $4 million in relation to the sale of the Quesnel River Pulp mill and Slave Lake Pulp mill is included in Restructuring and impairment charges for the year ended December 31, 2024 (loss of $20 million for the year ended December 31, 2023) (see note 17). The impairment amounts include remeasurements related to working capital adjustments specified in the asset purchase agreement. 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, 2024
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. Specific and general borrowing costs are capitalized when the asset construction period exceeds 12 months. 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, 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 As at December 31, 2023 $ 3,319 $ 376 $ 46 $ 94 $ 3,835 CPP agreement (note 3) 12 2 — — 15 Additions 73 411 11 — 495 Amortization 1 (462) — (7) (1) (470) Impairment (note 17) (15) — — — (15) Foreign exchange (11) — — (5) (16) Disposals (2) — — — (2) Transfers 343 (343) — — — As at December 31, 2024 $ 3,259 $ 445 $ 49 $ 89 $ 3,842 As at December 31, 2024 Cost $ 6,939 $ 445 $ 165 $ 91 $ 7,641 Accumulated amortization (3,680) — (116) (2) (3,798) Net $ 3,259 $ 445 $ 49 $ 89 $ 3,842 1. Amortization of $462 million relates to cost of products sold and $8 million relates to selling, general and administration expense (2023 - $451 million and $11 million respectively).

Timber licenses

Timber licenses	12 Months Ended
	Dec. 31, 2024
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, 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 As at December 31, 2023 $ 376 Additions — Amortization 1 (17) Foreign exchange (1) As at December 31, 2024 $ 358 As at December 31, 2024 Cost $ 672 Accumulated amortization (314) Net $ 358 1. Amortization relates to cost of products sold.

Goodwill and other intangibles

Goodwill and other intangibles	12 Months Ended
	Dec. 31, 2024
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 in the fourth quarter, or more frequently if an indicator of impairment is identified. The customer relationship intangible assets relate to historical business combinations 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, 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 As at December 31, 2023 $ 1,949 $ 339 $ 20 $ 2,307 Additions — — 3 3 Amortization 1 — (53) (9) (63) Impairment (note 17) (70) — — (70) Foreign exchange (1) — — (1) Other — — 2 2 As at December 31, 2024 $ 1,879 $ 285 $ 16 $ 2,180 As at December 31, 2024 Cost $ 1,879 $ 489 $ 81 $ 2,448 Accumulated amortization — (203) (65) (268) Net $ 1,879 $ 285 $ 16 $ 2,180 1. Amortization of $63 million (2023 - $62 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 2024 2023 Canadian lumber $ 171 $ 171 U.S. lumber 409 409 North America EWP 1,280 1,280 Europe EWP 19 89 Total $ 1,879 $ 1,949 The recoverable amounts of the above CGU groups as at December 31, 2024 were determined based on their estimated fair value less costs of disposal using discounted cash flow models. The fair value measurements were classified as Level 3 fair value measurements. Cash flow forecasts were based on internal estimates for 2025 through 2028 and a terminal value. Key assumptions include production volumes, product pricing, operating costs, terminal multiple, and discount rate. Key assumptions were derived 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. Production volume and operating costs have been estimated by reference to historical data from internal sources. The post-tax discount rate used ranged from 10.8% to 12.8% (2023 - 10.2%). We recorded an impairment loss of $70 million in relation to Europe EWP goodwill during the year ended December 31, 2024. The impairment loss was driven primarily by an extension of the expected duration of the recovery to mid-cycle profitability and weaker macroeconomic conditions in the U.K. and Europe. OSB comprises the most significant component of our Europe EWP segment. We forecasted OSB production volumes ranging from 1,045 MMsf 3/8” to 1,321 MMsf 3/8” in determining the recoverable amount. The post-tax discount rate used in determining the recoverable amount of the Europe EWP CGU group was 12.8% (2023 – 10.2%). The recoverable amount of the Europe EWP CGU group was determined to be $391 million. Following the impairment loss recognized in the Europe EWP CGU group, the recoverable amount was equal to the carrying amount. Therefore, any adverse movement in a key assumption would lead to further impairment. The following table lists the key assumptions and sensitivities: Key assumptions Sensitivity of recoverable amount to a 1% change in assumption Product pricing $37 million Production volumes $8 million Operating costs $33 million The estimated recoverable amounts of all other CGU groups exceeded their respective carrying amounts. As it relates to the U.S. lumber CGU group, a reasonably possible change in certain key assumptions could cause the carrying amount to exceed the recoverable amount. We forecasted U.S. lumber production volumes ranging from 2,785 MMfbm to 3,250 MMfbm in determining the recoverable amount. The post-tax discount rate used in determining the recoverable amount of the U.S. lumber CGU group was 10.8% (2023 – 10.2%). The estimated recoverable amount of the U.S. Lumber CGU group exceeded its carrying amount by approximately $140 million. The following table indicates the percentages by which key assumptions would need to change individually for the recoverable amount to equal the carrying amount:

Other assets

Other assets	12 Months Ended
	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Other assets	Other assets December 31, December 31, As at Note 2024 2023 Retirement assets 14 $ 61 $ 83 Electricity swaps 23 12 18 Deposits 42 25 Other 13 12 $ 129 $ 137

Payables and accrued liabilitie

Payables and accrued liabilities	12 Months Ended
	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Payables and accrued liabilities	Payables and accrued liabilities December 31, December 31, As at Note 2024 2023 Trade accounts $ 401 $ 417 Accrued equity-based compensation 16 41 53 Compensation 56 66 Accrued export duties 26 8 5 Accrued dividends 26 25 Accrued interest 2 5 Electricity swaps 4 — Current portion of lease obligations 10 13 Restructuring provision 5 3 Other 52 33 $ 604 $ 620

Other liabilities

Other liabilities	12 Months Ended
	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Other liabilities	Other liabilities December 31, December 31, As at Note 2024 2023 Retirement liabilities $ 97 $ 106 Non-current portion of reforestation obligations 47 53 Non-current portion of decommissioning obligations 24 16 Non-current portion of lease obligations 19 26 Export duties 26 46 24 Electricity swaps 23 8 12 Other 22 22 $ 264 $ 260 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 2024 2023 2024 2023 Beginning of year $ 92 $ 93 $ 37 $ 35 Acquisition 3 — 3 1 1 Transfer to disposal groups held for sale 6 — — — (2) Liabilities recognized 49 46 9 3 Liabilities settled (61) (52) (4) (1) Change in estimates 10 — 3 — Foreign exchange (7) 2 (3) 1 End of year 83 92 43 37 Less: current portion (36) (39) (19) (21) $ 47 $ 53 $ 24 $ 16 The total undiscounted amount of the estimated cash flows required to satisfy these obligations is $139 million (December 31, 2023 - $137 million). The cash flows have been discounted using risk-free rates ranging from 2.50% to 3.33% (2023 - 2.50% to 3.88%). 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, 2024
Operating Loans and Long-Term Debt [Abstract]
Operating loans and long-term debt	Operating loans and long-term debt Accounting policies Transaction costs related to debt financing or refinancing are deferred and amortized over the life of the associated debt. When our operating loan is undrawn, the related deferred financing costs are recorded in other assets. Supporting information Operating loans As at December 31, 2024, our credit facilities consisted of a $1 billion committed revolving credit facility which matures July 2028, $25 million of uncommitted revolving credit facilities available to our U.S. subsidiaries, a $20 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, 2024, our revolving credit facilities were undrawn (December 31, 2023 - undrawn) and the associated deferred financing costs of $2 million (December 31, 2023 - $2 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. In addition, we have credit facilities totalling $130 million (December 31, 2023 - $133 million) dedicated to letters of credit. Letters of credit in the amount of $36 million (December 31, 2023 - $43 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, 2024, we were in compliance with the requirements of our credit facilities. Long-term debt December 31, December 31, As at 2024 2023 Senior notes due October 2024; interest at 4.35% $ — $ 300 Term loan due July 2025; floating interest rate 200 200 200 500 Less: deferred financing costs — (1) Less: current portion (200) (300) $ — $ 199 On October 15, 2024, we repaid the principal and accrued interest on our $300 million senior notes on maturity with cash on hand. 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 January 2024, these interest rate swaps were amended to extend their maturity from August 2024 to July 2025. Following this amendment, the weighted average fixed interest rate payable under the contract was 2.61% (previously 0.91%). The interest rate swap contracts are accounted for as a derivative, with the changes in their fair value included in other income or expense in our consolidated statements of earnings. For the year ended December 31, 2024, a loss of $4 million (year ended December 31, 2023 - a loss of $6 million) was recognized in relation to the interest rate swap contracts. The fair value of the interest rate swap contracts at December 31, 2024 was an asset of $2 million (December 31, 2023 - asset of $6 million).

Retirement benefits

Retirement benefits	12 Months Ended
	Dec. 31, 2024
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 and the U.S. 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 or expense in our consolidated statements of earnings. 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 2024 was a gain of $40 million (2023 - gain of $78 million). The total pension expense for the defined benefit pension plans was $43 million (2023 - $32 million). In 2024, we made $18 million net contributions to our defined benefit pension plans (2023 - nominal). We expect to make cash contributions of approximately $10 million to our defined benefit pension plans during 2025 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 2024 (2023 - $1 million). purchases and the liabilities held for these pension plans was reflected as a settlement cost of $1 million (2023 - $6 million settlement gain) in Other income (expense) (see note 19). The status of the defined benefit pension plans and other retirement benefit plans, in aggregate, is as follows: Defined benefit Other retirement 2024 2023 2024 2023 Accrued benefit obligations Benefit obligations - opening $ 791 $ 838 $ 17 $ 18 CPP agreement (note 3) 10 — 3 — Transfer to disposal groups held for sale (note 6) — (77) — (2) Service cost 41 37 — — Finance cost on obligation 36 42 1 1 Benefits paid (34) (42) (1) (1) Actuarial (gain) loss due to change in financial assumptions (12) 63 — 1 Actuarial loss due to demography/experience 4 31 — — Settlement (101) (120) — — Other (3) — 1 — Foreign exchange 1 (55) 17 (2) — Benefit obligations - ending $ 678 $ 791 $ 19 $ 17 Plan assets Plan assets - opening $ 786 $ 927 $ — $ — CPP agreement (note 3) 11 — — — Transfer to disposal groups held for sale (note 6) — (79) — — Finance income on plan assets 35 46 — — Actual return on plan assets, net of finance income 5 32 — — Employer contributions 21 14 1 1 Benefits paid (34) (42) (1) (1) Settlement (102) (115) — — Other (1) (2) — — Refund of excess contributions (3) (15) — — Foreign exchange 1 (55) 20 — — Plan assets - ending $ 664 $ 786 $ — $ — Funded status 2 Retirement assets $ 65 $ 84 $ — $ — Impact of minimum funding requirement 3 (3) (1) — — Retirement assets (note 10) 61 83 — — Retirement liabilities (note 12) (78) (89) (19) (17) $ (17) $ (6) $ (19) $ (17) 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 2024 2023 2024 2023 Expense Service cost $ 41 $ 37 $ — $ — Administration fees 2 4 — — Settlement loss (gain) 1 (6) — — Curtailment gain related to disposal of pulp mills (2) — — — Finance expense (income), net 1 (3) 1 1 $ 43 $ 32 $ 1 $ 1 Assumptions and sensitivities At December 31, 2024, the weighted average duration of the defined benefit pension obligations is 18 years (December 31, 2023 - 18 years). At December 31, 2024, the projected future benefit payments for the defined benefit pension plans, to be made from plan assets, are as follows: 2025 2026 2027 to 2029 Thereafter Total Defined benefit pension plans $24 $26 $93 $1,531 $1,674 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 2024 2023 2024 2023 Benefit obligations: Discount rate 4.83% 4.69% 4.78% 4.69% Future compensation rate increase 3.66% 3.62% n/a n/a Benefit expense: Discount rate - beginning of year 4.69% 5.17% 4.69% 5.10% Future compensation rate increase 3.62% 3.53% 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, 2024 is as follows: Increase Decrease Discount rate - 0.50% change $ (56) $ 65 Compensation rate - 0.50% change $ 13 $ (12) 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 2024 2023 Canadian equities 2% - 15% 5 % 6 % Global equities 10% - 44% 16 % 18 % Fixed income investments 30% - 75% 49 % 43 % Alternative investments 0% - 57% 25 % 27 % Cash and cash equivalents N/A 5 % 6 % 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 2024 was $35 million (2023 - $35 million).

Share capital

Share capital	12 Months Ended
	Dec. 31, 2024
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 and Outstanding December 31, 2024 December 31, 2023 As at Number Amount Number Amount Common 77,706,788 $ 2,549 79,439,518 $ 2,607 Class B Common 2,281,478 — 2,281,478 — Total Common 79,988,266 $ 2,549 81,720,996 $ 2,607 As of December 31, 2024, we held 53,937 Common shares as treasury shares for cancellation. For the year ended December 31, 2024, we issued 12,550 Common shares under our share option plans (year ended December 31, 2023 - 383 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 On February 27, 2024, we renewed our normal course issuer bid (“2024 NCIB”) allowing us to acquire up to 3,971,380 Common shares for cancellation from March 1, 2024 until the expiry of the bid on February 28, 2025. 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.

Equity-based compensation

Equity-based compensation	12 Months Ended
	Dec. 31, 2024
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, 2024 was $14 million (2023 - expense of $25 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 623,431 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 2024, we have recorded an expense of $6 million (2023 – expense of $11 million) related to the share option plans. The liability associated with the share option plan is tracked in Canadian dollars and is based on prices published by the TSX. A summary of the activity in the share option plans based on Canadian dollar prices is presented below: 2024 2023 Number Weighted average price Number Weighted average price (CAD$) (CAD$) Outstanding - beginning of year 849,670 $ 83.59 841,305 $ 76.19 Granted 170,144 107.54 137,115 109.42 Exercised (313,307) 69.42 (123,781) 59.81 Expired / Cancelled (16,320) 105.12 (4,969) 85.54 Outstanding - end of year 690,187 $ 95.42 849,670 $ 83.59 Exercisable - end of year 366,732 $ 85.47 568,481 $ 75.63 The following table summarizes information about the share options outstanding and exercisable at December 31, 2024 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 69,577 3.1 $ 52.12 69,577 $ 52.12 $64.50 - $79.69 115,776 4.5 67.93 101,492 68.42 $81.42 - $92.79 116,699 5.4 90.91 81,953 90.11 $107.53 - $123.63 388,135 8.2 112.74 113,710 117.75 690,187 6.6 $ 95.42 366,732 $ 85.47 The weighted average share price at the date of exercise for share options exercised during the year was CAD$123.05 per share (2023 - CAD$107.45 per share). The accrued liability related to the share option plan was $21 million at December 31, 2024 (December 31, 2023 - $30 million). The weighted average fair value of the options used in the calculation was CAD$43.23 per option or USD$30.04 per option at December 31, 2024 (December 31, 2023 - CAD$46.17 per option or USD$34.21 per option). The inputs to the Black-Scholes option-pricing model were as follows: As at December 31, 2024 December 31, 2023 Weighted-average share price on balance sheet date CAD$123.56 CAD$113.45 Weighted average exercise price CAD$95.42 CAD$83.59 Expected dividend CAD$1.84 CAD$1.59 Expected volatility 42.58 % 42.22 % Weighted average interest rate 2.87 % 3.57 % Weighted average expected remaining life in years 4.35 4.07 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, 2024 was CAD$14 million or USD$10 million (December 31, 2023 - CAD$22 million or USD$16 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 $7 million (2023 - expense of $12 million) related to the PSU plan. There were 168,775 performance share units outstanding as at December 31, 2024 (December 31, 2023 – 179,757). 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 (2023 - expense of $2 million) related to the DSU plan. The number of units outstanding as at December 31, 2024 was 91,450 (December 31, 2023 - 78,895).

Restructuring and impairment ch

Restructuring and impairment charges	12 Months Ended
	Dec. 31, 2024
Restructuring and impairment charges [Abstract]
Restructuring and impairment charges	Restructuring and impairment charges 2024 2023 Impairment related to Europe EWP goodwill 70 — Restructuring and impairment losses related to Canadian and U.S. lumber operations 28 128 Impairment loss related to Quesnel River Pulp mill and Slave Lake Pulp mill 4 20 Impairment loss (reversal) related to Hinton pulp mill $ (1) $ 121 Impairment related to equity accounted investment — 7 Other restructuring charges 2 3 $ 102 $ 279 In the year ended December 31, 2024, we recorded restructuring and impairment charges of $102 million. We recorded an impairment loss of $70 million in relation to Europe EWP goodwill during the year ended December 31, 2024. The impairment loss was driven primarily by an extension of the expected duration of the recovery to mid-cycle profitability and weaker macroeconomic conditions in the U.K. and Europe. We recorded restructuring and impairment losses of $28 million associated with the permanent closures and indefinite curtailments of lumber mills to better align our capacity with expected future demand. This included restructuring and impairment charges of $8 million associated with the permanent closure of our Fraser Lake lumber mill, $17 million related to the indefinite curtailment of our lumber mill in Lake Butler, Florida, and $3 million related to the permanent closure of our lumber mill in Maxville, Florida and the indefinite curtailment of operations at our lumber mill in Huttig, Arkansas. We recorded an impairment loss of $4 million in relation to the sale of the Quesnel River Pulp mill and Slave Lake Pulp mill. In addition, we recorded an impairment reversal of $1 million in relation to the sale of the Hinton pulp mill (see note 6).

Finance expense, net

Finance expense, net	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Finance expense, net	2024 2023 Interest expense $ (26) $ (24) Interest income on cash and cash equivalents 44 47 Net interest income on export duty deposits 19 27 Finance income (expense) on employee future benefits (3) 1 $ 34 $ 51

Other

Other	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Other Income	2024 2023 Foreign exchange gain (loss) $ 7 $ (7) Settlement gain (loss) on defined benefit pension plans $ (1) $ 6 Gain resulting from the CPP agreement 1 — Gain (loss) on electricity swaps (9) 17 Loss on interest rate swap contracts (4) (6) Other 4 (5) $ (2) $ 5

Tax provision

Tax provision	12 Months Ended
	Dec. 31, 2024
Disclosure of Income Tax [Abstract]
Tax 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 do not have a material exposure to Pillar Two top-up taxes. Supporting information 2024 2023 Earnings: Current tax $ (118) $ (61) Deferred tax recovery (provision) 74 122 Tax recovery (provision) on earnings $ (43) $ 61 Other comprehensive earnings: Deferred tax recovery (provision) on retirement benefit actuarial loss (gain) $ (3) $ 12 Tax recovery (provision) on comprehensive earnings $ (46) $ 73 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: 2024 2023 Income tax recovery (expense) at statutory rate of 27% $ (10) $ 62 Rate differentials between jurisdictions and on specified activities (7) (3) Non-taxable amounts including goodwill impairment (20) — Impact of functional currency differences (6) — Income tax credits 5 — Valuation allowance on deferred tax attributes (2) — Other (3) 2 Tax recovery (provision) $ (43) $ 61 Deferred income tax liabilities (assets) are made up of the following components: 2024 2023 Property, plant, equipment and intangibles $ 681 $ 737 Reforestation and decommissioning obligations (27) (30) Employee benefits (25) (22) Export duties 93 90 Tax loss carry-forwards 1 (70) (47) Inventory (16) (12) Other (34) (39) $ 602 $ 677 Represented by: Deferred income tax assets $ (7) $ (6) Deferred income tax liabilities 609 683 $ 602 $ 677 1. We have $304 million of net operating loss carry-forwards in various jurisdictions (December 31, 2023 - $241 million), $227 million of U.S. state net operating loss carry-forwards (December 31, 2023 - $306 million), and $95 million of capital loss carry-forwards (December 31, 2023 - $83 million). A portion of these losses expire over various periods starting in 2025. The net operating losses that have not been recognized as of December 31, 2024 are $30 million in various jurisdictions (December 31, 2023 - $32 million) and $205 million for U.S. states (December 31, 2023 - $270 million). Capital losses that have not been recognized as of December 31, 2024 are $95 million (December 31, 2023 - $83 million).

Employee compensation

Employee compensation	12 Months Ended
	Dec. 31, 2024
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, 2024 was $984 million (2023 - $989 million). Key management includes directors and officers, and their compensation expense and balance sheet date payables are as follows: 2024 2023 Expense Salary and short-term employee benefits $ 7 $ 8 Retirement benefits 1 2 Equity-based compensation 1 10 19 $ 19 $ 29 1. Amounts do not necessarily represent the actual value which will ultimately be paid. 2024 2023 Payables and accrued liabilities Compensation $ — $ — Equity-based compensation 1 27 39 $ 27 $ 39 1. Amounts do not necessarily represent the actual value which will ultimately be paid.

Earnings (loss) per share

Earnings (loss) per share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share1 [Abstract]
Earnings (loss) per share	Earnings (loss) 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. The equity-settled method was more dilutive for the year ended December 31, 2024 and an adjustment was required for the numerator and denominator. The cash-settled method was more dilutive for the year ended December 31, 2023 and therefore no adjustment was required for the numerator and denominator. A reconciliation of the numerator and denominator used for the purposes of calculating diluted loss per share is as follows: 2024 2023 Loss Numerator for basic EPS $ (5) $ (167) Cash-settled expense included in earnings 7 — Equity-settled expense adjustment (7) — Numerator for diluted EPS $ (6) $ (167) Weighted average number of shares (thousands) Denominator for basic EPS 80,859 83,199 Effect of dilutive equity-based compensation 265 — Denominator for diluted EPS 81,124 83,199 Loss per share (dollars) Basic $ (0.06) $ (2.01) Diluted $ (0.07) $ (2.01)

Financial instruments

Financial instruments	12 Months Ended
	Dec. 31, 2024
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, 2024 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 $ 641 $ — $ — $ 641 $ 641 Receivables 3 292 — — 292 292 Interest rate swaps 2 2 — 2 — 2 2 Electricity swaps 2 3 — 13 — 13 13 $ 933 $ 15 $ — $ 948 $ 948 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 600 $ 600 $ 600 Long-term debt 1 2 — — 200 200 200 Electricity swaps 2 3 — 12 — 12 12 $ — $ 12 $ 800 $ 812 $ 812 1. The fair value of long-term debt is based on rates available to us at December 31, 2024 for long-term debt with similar terms and remaining maturities. 2. The value of our interest rate swap contracts is included in receivables in our consolidated balance sheet at December 31, 2024. The current portions of our electricity swap contracts are included in receivables and payables and accrued liabilities. The non-current portions of our electricity swap contracts are included in other assets and other liabilities. 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 2 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 portions of our electricity swap contracts are included in receivables in our consolidated balance sheet at December 31, 2023. The non-current portions of our electricity swap contracts are included in other assets and other liabilities. 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, 2024, approximately 29% of trade accounts receivable was covered by at least some of these additional measures (December 31, 2023 - 26%). Given our credit monitoring activities, the percentage of overdue accounts and our history of minimal customer defaults, we consider the credit quality of our trade accounts receivable at December 31, 2024 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, 2024 December 31, 2023 Trade accounts receivable Current $ 175 $ 215 Past due 1 to 30 days 62 28 Past due 31 to 60 days 2 4 Past due over 60 days — 3 Trade accounts receivable 239 250 Sales taxes receivable 27 26 Other 28 35 Receivables $ 294 $ 311 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, 2024 Carrying value Total 2025 2026 2027 2028 Thereafter Long-term debt $ 200 $ 200 $ 200 $ — $ — $ — $ — Interest on long-term debt 1 2 6 6 — — — — Lease obligations 29 38 11 6 4 3 14 Payables and accrued liabilities 590 590 590 — — — — Total $ 821 $ 834 $ 807 $ 6 $ 4 $ 3 $ 14 1. Assumes debt remains at December 31, 2024 levels and includes the impact of interest rate swaps terminating July 25, 2025. In addition, we have contractual commitments for the acquisition of property, plant and equipment in the amount of $114 million in 2025. 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, 2024, we had the following floating rate financial instruments: Financial instrument Carrying Financial liability: Term loan $ 200 Financial asset: Interest rate swap contracts $ 2 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, 2024, 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, 2023 - 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 (expense). 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, 2024, a loss of $9 million was recognized in relation to the electricity swaps (2023 - gain of $17 million). The fair value of the electricity swaps at December 31, 2024 was a nominal asset (December 31, 2023 - an asset of $10 million). At December 31, 2024, the impact of a 10% increase (decrease) in future electricity prices would result in a gain (loss) of $16 million. The following table summarizes the maturity profile of our net derivative asset based on contractual undiscounted payments: December 31, 2024 Carrying value - asset (liability) Total inflows (outflows) 2025 2026 2027 2028 Thereafter Electricity swaps $ — $ 5 $ (4) $ (2) $ (1) $ (1) $ 14 Total $ — $ 5 $ (4) $ (2) $ (1) $ (1) $ 14 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 $6 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, 2024
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. We are currently rated as an investment grade issuer 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 issuer 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; optimizing our portfolio of assets to reduce the variability of cash flows across market cycles; 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 2024 2023 Debt Operating loans $ — $ — Current and non-current lease obligation 29 39 Current and non-current debt 200 500 Derivative liabilities 1 — — Open letters of credit 1 36 43 Total debt 265 582 Shareholders’ equity 6,954 7,223 Total capital $ 7,219 $ 7,805 Total debt to capital 4% 7% Total debt $ 265 $ 582 Cash and cash equivalents (641) (900) Open letters of credit (36) (43) Derivative liabilities — — Cheques issued in excess of funds on deposit — — Net debt (412) (361) Shareholders’ equity 6,954 7,223 Total capital $ 6,542 $ 6,862 Net debt to capital (6%) (5%) 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, 2024
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. Lumber NA EWP Pulp & Paper Europe EWP Corporate & Other Total Year ended December 31, 2024 Sales To external customers $ 2,550 $ 2,794 $ 378 $ 453 $ — $ 6,175 To other segments 42 9 11 — (62) — $ 2,592 2,803 389 453 (63) 6,174 Cost of products sold (2,080) (1,634) (309) (375) 64 (4,333) Freight and other distribution costs (382) (326) (65) (42) — (815) Export duties, net (72) — — — — (72) Amortization (192) (284) (14) (48) (11) (549) Selling, general and administration (142) (99) (11) (29) (1) (282) Equity-based compensation — — — — (14) (14) Restructuring and impairment charges (28) (1) (3) (70) (1) (102) Operating earnings (loss) $ (303) $ 459 $ (13) $ (110) $ (26) $ 7 Total assets 3,641 3,943 187 561 429 $ 8,760 Total liabilities 635 572 89 136 375 $ 1,807 Capital expenditures 312 140 15 19 1 $ 487 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 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 2024 2023 2024 2023 United States $ 2,748 $ 2,689 $ 4,150 $ 4,251 Canada 3,817 3,883 1,210 1,118 U.K and Europe 358 466 458 524 Asia — — 351 557 Other — — 5 4 $ 6,924 $ 7,038 $ 6,174 $ 6,454

Countervailing ("CVD") and anti

Countervailing ("CVD") and antidumping ("ADD") duty dispute	12 Months Ended
	Dec. 31, 2024
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 5, 2024, the USDOC initiated AR6 POI covering the 2023 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 24, 2024, the USDOC finalized the duty rate for AR5, resulting in the recognition of an export duty expense of $32 million plus interest expense in earnings, an increase in export duty deposits payable, and a decrease in export duty deposit receivable. On December 9, 2024, the USDOC issued a tolling notice extending the deadlines for certain ADD and CVD proceedings, including softwood lumber, of up to 90 days. This extension affects the AR6 preliminary and final determination deadlines for both ADD and CVD cases. The preliminary determination decision for AR6 ADD and CVD were initially anticipated to be published February 6, 2025. The preliminary determination decision for AR6 ADD is now anticipated to be published February 20, 2025, and the preliminary determination decision for AR6 CVD is now anticipated to be published May 7, 2025. 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 % 6.85 % January 10, 2022 – August 8, 2022 5.08 % 6.85 % August 9, 2022 - December 31, 2022 3.62 % 6.85 % AR6 POI 7 January 1, 2023 - July 31, 2023 3.62 % n/a August 1, 2023 - December 31, 2023 2.19 % n/a AR7 POI 8 January 1, 2024 - August 18, 2024 2.19 % n/a August 19, 2024 - December 31, 2024 6.85 % 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. On August 19, 2024, the USDOC Issued the final CVD rate for the AR5 POI. 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 . 8. The CVD rate for the AR7 POI will be adjusted when AR7 is complete and the USDOC finalizes the rate, which is not expected until 2026. 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 % 5.04% 4.52 % August 9, 2022 - December 31, 2022 4.63 % 5.04% 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 % AR7 POI 8 January 1, 2024 - August 18, 2024 7.06 % n/a 2.58 % August 19, 2024 - December 31, 2024 5.04 % n/a 2.58 % 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. On August 19, 2024, the USDOC Issued the final ADD rate for the AR5 POI. An amended ADD rate was issued on September 24, 2024, and was retroactively applied to August 19, 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. 8. The ADD rate for the AR7 POI will be adjusted when AR7 is complete and the USDOC finalizes the rate, which is not expected until 2026. Impact on results The following table reconciles our cash deposits paid during the year to the amount recorded in our statements of earnings: ($ millions) 2024 2023 Cash deposits 1 (62) (53) Adjust to West Fraser Estimated ADD rate 2 22 (17) Export duties, net (40) (70) Duty recovery attributable to AR4 3 — 62 Duty expense attributable to AR5 4 (32) — Export duty (expense) recovery (72) (8) Net interest income on export duty deposits 19 27 1. Represents combined CVD and ADD cash deposit rate of 8.25% from January 1, 2023 to July 31, 2023, 9.25% from August 1, 2023 to December 31, 2023, 9.25% from January 1, 2024 to August 18, 2024 and 11.89% from August 19, 2024 to December 31, 2024. 2. Represents adjustment to the West Fraser Estimated ADD rate of 2.58% f or 2024 and 8.84% for 2023. 3. $62 million represents the duty recovery attributable to the finalization of the AR4 duty rates for the 2021 POI. The final CVD rate was 2.19% and the final ADD rate was 7.06% for AR4. 4. $32 million represents the duty expense attributable to the finalization of AR5 duty rates for the 2022 POI. The final CVD rate was 6.85% and the final ADD rate was 5.04% for AR5. As of December 31, 2024, export duties paid and payable on deposit with the USDOC were $898 million (December 31, 2023 - $836 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 2024 2023 Beginning of year $ 377 $ 354 Export duty deposit receivable on adjustment to estimated ADD rate 22 — Export duty deposit receivable on adjustment to finalized rates (16) — Interest income recognized on duty deposits receivable 25 23 End of year $ 408 $ 377 Export duties payable is represented by: Export duties payable 2024 2023 Beginning of year $ 24 $ 73 Export duty deposit payable on adjustment to finalized rates 15 (62) Export duty deposit payable on adjustment to estimated ADD rate — 17 Interest expense (income) recognized on export duties payable 6 (4) End of year $ 46 $ 24 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, 2024
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, 2024
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 12, 2025. 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. As at December 31, 2023, the assets and liabilities subject to transfer as a result of the sales of the Hinton pulp mill, Quesnel River Pulp mill, and Slave Lake Pulp mill are 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 operation, Alberta Newsprint Company, is accounted for by recognizing our share of the assets, liabilities, revenues, and expenses related to the joint operation.
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 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 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 estimating 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 estimating 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 IFRS 18, Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18"), which replaces IAS 1, Presentation of Financial Statements . IFRS 18 introduces new requirements to improve comparability in the reporting of financial performance to give investors a better basis for analyzing and comparing entities. The standard impacts the presentation of the financial statements and notes, in particular the income statement where entities will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. IFRS 18 will also require management-defined performance measures to be explained and included in a separate note within the financial statements. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027. We are currently assessing the impact of this amendment on our consolidated financial statements. Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 On May 30, 2024, the IASB issued targeted amendments to IFRS 9 and IFRS 7 to respond to recent questions arising in practice, and to include new requirements not only for financial institutions but also for corporate entities. These amendments: • clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; • clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; • add new disclosures for certain instruments with contractual terms that can change cash flows (such as some financial instruments with features linked to the achievement of environment, social and governance targets); and • update the disclosures for equity instruments designated at fair value through other comprehensive income (FVOCI). These amendments are effective for reporting periods beginning on or after January 1, 2026. We are currently assessing the impact of these amendments 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. Specific and general borrowing costs are capitalized when the asset construction period exceeds 12 months. 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 in the fourth quarter, or more frequently if an indicator of impairment is identified. The customer relationship intangible assets relate to historical business combinations 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 combinations (Tables)

Business combinations (Tables)	12 Months Ended
	Dec. 31, 2024
Business Acquisitions [Abstract]
Schedule of business combination	Fair value of identifiable assets and liabilities (100% interest in CPP): Cash $ 2 Accounts receivable 3 Inventories 35 Prepaid expenses 1 Property, plant and equipment 59 Payables and accrued liabilities (39) Other liabilities (14) Deferred income tax liabilities (1) 44 Less: Carrying value of our previously held 50% interest in the CPP JV (43) Net gain resulting from the CPP agreement $ 1 West Fraser purchase consideration: Cash consideration $ 101 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 41 Payables and accrued liabilities (8) Other liabilities (3) Deferred income tax liabilities (18) $ 101

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	12 Months Ended
	Dec. 31, 2024
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 2024 2023 Cash $ 389 $ 513 Cash equivalents 252 387 $ 641 $ 900

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2024
Inventories [Abstract]
Disclosure of inventory	December 31, December 31, As at 2024 2023 Manufactured products $ 344 $ 363 Logs and other raw materials 255 257 Materials and supplies 245 231 $ 844 $ 851

Property, plant and equipment (

Property, plant and equipment (Tables)	12 Months Ended
	Dec. 31, 2024
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, 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 As at December 31, 2023 $ 3,319 $ 376 $ 46 $ 94 $ 3,835 CPP agreement (note 3) 12 2 — — 15 Additions 73 411 11 — 495 Amortization 1 (462) — (7) (1) (470) Impairment (note 17) (15) — — — (15) Foreign exchange (11) — — (5) (16) Disposals (2) — — — (2) Transfers 343 (343) — — — As at December 31, 2024 $ 3,259 $ 445 $ 49 $ 89 $ 3,842 As at December 31, 2024 Cost $ 6,939 $ 445 $ 165 $ 91 $ 7,641 Accumulated amortization (3,680) — (116) (2) (3,798) Net $ 3,259 $ 445 $ 49 $ 89 $ 3,842 1. Amortization of $462 million relates to cost of products sold and $8 million relates to selling, general and administration expense (2023 - $451 million and $11 million respectively).

Timber licenses (Tables)

Timber licenses (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of detailed information about intangible assets [abstract]
Disclosure of detailed information about intangible assets	Supporting information Timber licences 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 As at December 31, 2023 $ 376 Additions — Amortization 1 (17) Foreign exchange (1) As at December 31, 2024 $ 358 As at December 31, 2024 Cost $ 672 Accumulated amortization (314) Net $ 358 1. Amortization relates to cost of products sold.

Goodwill and other intangibles

Goodwill and other intangibles (Tables)	12 Months Ended
	Dec. 31, 2024
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, 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 As at December 31, 2023 $ 1,949 $ 339 $ 20 $ 2,307 Additions — — 3 3 Amortization 1 — (53) (9) (63) Impairment (note 17) (70) — — (70) Foreign exchange (1) — — (1) Other — — 2 2 As at December 31, 2024 $ 1,879 $ 285 $ 16 $ 2,180 As at December 31, 2024 Cost $ 1,879 $ 489 $ 81 $ 2,448 Accumulated amortization — (203) (65) (268) Net $ 1,879 $ 285 $ 16 $ 2,180 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 2024 2023 Canadian lumber $ 171 $ 171 U.S. lumber 409 409 North America EWP 1,280 1,280 Europe EWP 19 89 Total $ 1,879 $ 1,949
Schedule Of Goodwill Key Assumptions	The following table lists the key assumptions and sensitivities: Key assumptions Sensitivity of recoverable amount to a 1% change in assumption Product pricing $37 million Production volumes $8 million Operating costs $33 million Key assumptions Change required for recoverable amount to equal carrying amount Product pricing 1% decrease Production volumes 5% decrease Operating costs 1% increase

Other assets (Tables)

Other assets (Tables)	12 Months Ended
	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of other assets	December 31, December 31, As at Note 2024 2023 Retirement assets 14 $ 61 $ 83 Electricity swaps 23 12 18 Deposits 42 25 Other 13 12 $ 129 $ 137

Payables and accrued liabilit_2

Payables and accrued liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Distribution of Assets, Liabilities and Stockholders' Equity	December 31, December 31, As at Note 2024 2023 Trade accounts $ 401 $ 417 Accrued equity-based compensation 16 41 53 Compensation 56 66 Accrued export duties 26 8 5 Accrued dividends 26 25 Accrued interest 2 5 Electricity swaps 4 — Current portion of lease obligations 10 13 Restructuring provision 5 3 Other 52 33 $ 604 $ 620

Other liabilities (Tables)

Other liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Disclosure of other liabilities	December 31, December 31, As at Note 2024 2023 Retirement liabilities $ 97 $ 106 Non-current portion of reforestation obligations 47 53 Non-current portion of decommissioning obligations 24 16 Non-current portion of lease obligations 19 26 Export duties 26 46 24 Electricity swaps 23 8 12 Other 22 22 $ 264 $ 260
Disclosure of other provisions	Reforestation Decommissioning Note 2024 2023 2024 2023 Beginning of year $ 92 $ 93 $ 37 $ 35 Acquisition 3 — 3 1 1 Transfer to disposal groups held for sale 6 — — — (2) Liabilities recognized 49 46 9 3 Liabilities settled (61) (52) (4) (1) Change in estimates 10 — 3 — Foreign exchange (7) 2 (3) 1 End of year 83 92 43 37 Less: current portion (36) (39) (19) (21) $ 47 $ 53 $ 24 $ 16

Operating loans and long-term_2

Operating loans and long-term debt (Tables)	12 Months Ended
	Dec. 31, 2024
Operating Loans and Long-Term Debt [Abstract]
Schedule of long-term debt	December 31, December 31, As at 2024 2023 Senior notes due October 2024; interest at 4.35% $ — $ 300 Term loan due July 2025; floating interest rate 200 200 200 500 Less: deferred financing costs — (1) Less: current portion (200) (300) $ — $ 199

Retirement benefits (Tables)

Retirement benefits (Tables)	12 Months Ended
	Dec. 31, 2024
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 2024 2023 2024 2023 Accrued benefit obligations Benefit obligations - opening $ 791 $ 838 $ 17 $ 18 CPP agreement (note 3) 10 — 3 — Transfer to disposal groups held for sale (note 6) — (77) — (2) Service cost 41 37 — — Finance cost on obligation 36 42 1 1 Benefits paid (34) (42) (1) (1) Actuarial (gain) loss due to change in financial assumptions (12) 63 — 1 Actuarial loss due to demography/experience 4 31 — — Settlement (101) (120) — — Other (3) — 1 — Foreign exchange 1 (55) 17 (2) — Benefit obligations - ending $ 678 $ 791 $ 19 $ 17 Plan assets Plan assets - opening $ 786 $ 927 $ — $ — CPP agreement (note 3) 11 — — — Transfer to disposal groups held for sale (note 6) — (79) — — Finance income on plan assets 35 46 — — Actual return on plan assets, net of finance income 5 32 — — Employer contributions 21 14 1 1 Benefits paid (34) (42) (1) (1) Settlement (102) (115) — — Other (1) (2) — — Refund of excess contributions (3) (15) — — Foreign exchange 1 (55) 20 — — Plan assets - ending $ 664 $ 786 $ — $ — Funded status 2 Retirement assets $ 65 $ 84 $ — $ — Impact of minimum funding requirement 3 (3) (1) — — Retirement assets (note 10) 61 83 — — Retirement liabilities (note 12) (78) (89) (19) (17) $ (17) $ (6) $ (19) $ (17) 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 2024 2023 2024 2023 Expense Service cost $ 41 $ 37 $ — $ — Administration fees 2 4 — — Settlement loss (gain) 1 (6) — — Curtailment gain related to disposal of pulp mills (2) — — — Finance expense (income), net 1 (3) 1 1 $ 43 $ 32 $ 1 $ 1
Projected future benefit payments	At December 31, 2024, the projected future benefit payments for the defined benefit pension plans, to be made from plan assets, are as follows: 2025 2026 2027 to 2029 Thereafter Total Defined benefit pension plans $24 $26 $93 $1,531 $1,674
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 2024 2023 2024 2023 Benefit obligations: Discount rate 4.83% 4.69% 4.78% 4.69% Future compensation rate increase 3.66% 3.62% n/a n/a Benefit expense: Discount rate - beginning of year 4.69% 5.17% 4.69% 5.10% Future compensation rate increase 3.62% 3.53% 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, 2024 is as follows: Increase Decrease Discount rate - 0.50% change $ (56) $ 65 Compensation rate - 0.50% change $ 13 $ (12)
Assets allocations	The weighted average asset allocations of the defined benefit plans at December 31, by asset category, are as follows: Target range 2024 2023 Canadian equities 2% - 15% 5 % 6 % Global equities 10% - 44% 16 % 18 % Fixed income investments 30% - 75% 49 % 43 % Alternative investments 0% - 57% 25 % 27 % Cash and cash equivalents N/A 5 % 6 % 100 % 100 %

Share capital (Tables)

Share capital (Tables)	12 Months Ended
	Dec. 31, 2024
Share capital [Abstract]
Disclosure of classes of share capital	December 31, 2024 December 31, 2023 As at Number Amount Number Amount Common 77,706,788 $ 2,549 79,439,518 $ 2,607 Class B Common 2,281,478 — 2,281,478 — Total Common 79,988,266 $ 2,549 81,720,996 $ 2,607

Equity-based compensation (Tabl

Equity-based compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangements [Abstract]
Summary of share option activity	A summary of the activity in the share option plans based on Canadian dollar prices is presented below: 2024 2023 Number Weighted average price Number Weighted average price (CAD$) (CAD$) Outstanding - beginning of year 849,670 $ 83.59 841,305 $ 76.19 Granted 170,144 107.54 137,115 109.42 Exercised (313,307) 69.42 (123,781) 59.81 Expired / Cancelled (16,320) 105.12 (4,969) 85.54 Outstanding - end of year 690,187 $ 95.42 849,670 $ 83.59 Exercisable - end of year 366,732 $ 85.47 568,481 $ 75.63
Disclosure of range of exercise prices of outstanding share options	The following table summarizes information about the share options outstanding and exercisable at December 31, 2024 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 69,577 3.1 $ 52.12 69,577 $ 52.12 $64.50 - $79.69 115,776 4.5 67.93 101,492 68.42 $81.42 - $92.79 116,699 5.4 90.91 81,953 90.11 $107.53 - $123.63 388,135 8.2 112.74 113,710 117.75 690,187 6.6 $ 95.42 366,732 $ 85.47
Disclosure of number and weighted average remaining contractual life of outstanding share options	The inputs to the Black-Scholes option-pricing model were as follows: As at December 31, 2024 December 31, 2023 Weighted-average share price on balance sheet date CAD$123.56 CAD$113.45 Weighted average exercise price CAD$95.42 CAD$83.59 Expected dividend CAD$1.84 CAD$1.59 Expected volatility 42.58 % 42.22 % Weighted average interest rate 2.87 % 3.57 % Weighted average expected remaining life in years 4.35 4.07
Schedule of inputs to the option model	The inputs to the Black-Scholes option-pricing model were as follows: As at December 31, 2024 December 31, 2023 Weighted-average share price on balance sheet date CAD$123.56 CAD$113.45 Weighted average exercise price CAD$95.42 CAD$83.59 Expected dividend CAD$1.84 CAD$1.59 Expected volatility 42.58 % 42.22 % Weighted average interest rate 2.87 % 3.57 % Weighted average expected remaining life in years 4.35 4.07

Finance expense, net (Tables)

Finance expense, net (Tables)	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Finance expense, net	2024 2023 Interest expense $ (26) $ (24) Interest income on cash and cash equivalents 44 47 Net interest income on export duty deposits 19 27 Finance income (expense) on employee future benefits (3) 1 $ 34 $ 51

Other (Tables)

Other (Tables)	12 Months Ended
	Dec. 31, 2024
Analysis of income and expense [abstract]
Other	2024 2023 Foreign exchange gain (loss) $ 7 $ (7) Settlement gain (loss) on defined benefit pension plans $ (1) $ 6 Gain resulting from the CPP agreement 1 — Gain (loss) on electricity swaps (9) 17 Loss on interest rate swap contracts (4) (6) Other 4 (5) $ (2) $ 5

Tax provision (Tables)

Tax provision (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of Income Tax [Abstract]
Major components of income tax	2024 2023 Earnings: Current tax $ (118) $ (61) Deferred tax recovery (provision) 74 122 Tax recovery (provision) on earnings $ (43) $ 61 Other comprehensive earnings: Deferred tax recovery (provision) on retirement benefit actuarial loss (gain) $ (3) $ 12 Tax recovery (provision) on comprehensive earnings $ (46) $ 73
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: 2024 2023 Income tax recovery (expense) at statutory rate of 27% $ (10) $ 62 Rate differentials between jurisdictions and on specified activities (7) (3) Non-taxable amounts including goodwill impairment (20) — Impact of functional currency differences (6) — Income tax credits 5 — Valuation allowance on deferred tax attributes (2) — Other (3) 2 Tax recovery (provision) $ (43) $ 61
Deferred income tax liabilities and assets	Deferred income tax liabilities (assets) are made up of the following components: 2024 2023 Property, plant, equipment and intangibles $ 681 $ 737 Reforestation and decommissioning obligations (27) (30) Employee benefits (25) (22) Export duties 93 90 Tax loss carry-forwards 1 (70) (47) Inventory (16) (12) Other (34) (39) $ 602 $ 677 Represented by: Deferred income tax assets $ (7) $ (6) Deferred income tax liabilities 609 683 $ 602 $ 677 1. We have $304 million of net operating loss carry-forwards in various jurisdictions (December 31, 2023 - $241 million), $227 million of U.S. state net operating loss carry-forwards (December 31, 2023 - $306 million), and $95 million of capital loss carry-forwards (December 31, 2023 - $83 million). A portion of these losses expire over various periods starting in 2025. The net operating losses that have not been recognized as of December 31, 2024 are $30 million in various jurisdictions (December 31, 2023 - $32 million) and $205 million for U.S. states (December 31, 2023 - $270 million). Capital losses that have not been recognized as of December 31, 2024 are $95 million (December 31, 2023 - $83 million).

Employee compensation (Tables)

Employee compensation (Tables)	12 Months Ended
	Dec. 31, 2024
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: 2024 2023 Expense Salary and short-term employee benefits $ 7 $ 8 Retirement benefits 1 2 Equity-based compensation 1 10 19 $ 19 $ 29 1. Amounts do not necessarily represent the actual value which will ultimately be paid. 2024 2023 Payables and accrued liabilities Compensation $ — $ — Equity-based compensation 1 27 39 $ 27 $ 39 1. Amounts do not necessarily represent the actual value which will ultimately be paid.

Earnings (loss) per share (Tabl

Earnings (loss) per share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share1 [Abstract]
Earnings per share	A reconciliation of the numerator and denominator used for the purposes of calculating diluted loss per share is as follows: 2024 2023 Loss Numerator for basic EPS $ (5) $ (167) Cash-settled expense included in earnings 7 — Equity-settled expense adjustment (7) — Numerator for diluted EPS $ (6) $ (167) Weighted average number of shares (thousands) Denominator for basic EPS 80,859 83,199 Effect of dilutive equity-based compensation 265 — Denominator for diluted EPS 81,124 83,199 Loss per share (dollars) Basic $ (0.06) $ (2.01) Diluted $ (0.07) $ (2.01)

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 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 $ 641 $ — $ — $ 641 $ 641 Receivables 3 292 — — 292 292 Interest rate swaps 2 2 — 2 — 2 2 Electricity swaps 2 3 — 13 — 13 13 $ 933 $ 15 $ — $ 948 $ 948 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 600 $ 600 $ 600 Long-term debt 1 2 — — 200 200 200 Electricity swaps 2 3 — 12 — 12 12 $ — $ 12 $ 800 $ 812 $ 812 1. The fair value of long-term debt is based on rates available to us at December 31, 2024 for long-term debt with similar terms and remaining maturities. 2. The value of our interest rate swap contracts is included in receivables in our consolidated balance sheet at December 31, 2024. The current portions of our electricity swap contracts are included in receivables and payables and accrued liabilities. The non-current portions of our electricity swap contracts are included in other assets and other liabilities. 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 2 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 portions of our electricity swap contracts are included in receivables in our consolidated balance sheet at December 31, 2023. The non-current portions of our electricity swap contracts are included in other assets and other liabilities.
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, 2024 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 $ 641 $ — $ — $ 641 $ 641 Receivables 3 292 — — 292 292 Interest rate swaps 2 2 — 2 — 2 2 Electricity swaps 2 3 — 13 — 13 13 $ 933 $ 15 $ — $ 948 $ 948 Financial liabilities Payables and accrued liabilities 3 $ — $ — $ 600 $ 600 $ 600 Long-term debt 1 2 — — 200 200 200 Electricity swaps 2 3 — 12 — 12 12 $ — $ 12 $ 800 $ 812 $ 812 1. The fair value of long-term debt is based on rates available to us at December 31, 2024 for long-term debt with similar terms and remaining maturities. 2. The value of our interest rate swap contracts is included in receivables in our consolidated balance sheet at December 31, 2024. The current portions of our electricity swap contracts are included in receivables and payables and accrued liabilities. The non-current portions of our electricity swap contracts are included in other assets and other liabilities. 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 2 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 portions of our electricity swap contracts are included in receivables in our consolidated balance sheet at December 31, 2023. The non-current portions of our electricity swap contracts are included in other assets and other liabilities.
Disclosure of aging analysis of trade accounts receivable	The aging analysis of trade accounts receivable is presented below: As at December 31, 2024 December 31, 2023 Trade accounts receivable Current $ 175 $ 215 Past due 1 to 30 days 62 28 Past due 31 to 60 days 2 4 Past due over 60 days — 3 Trade accounts receivable 239 250 Sales taxes receivable 27 26 Other 28 35 Receivables $ 294 $ 311
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, 2024 Carrying value Total 2025 2026 2027 2028 Thereafter Long-term debt $ 200 $ 200 $ 200 $ — $ — $ — $ — Interest on long-term debt 1 2 6 6 — — — — Lease obligations 29 38 11 6 4 3 14 Payables and accrued liabilities 590 590 590 — — — — Total $ 821 $ 834 $ 807 $ 6 $ 4 $ 3 $ 14 1. Assumes debt remains at December 31, 2024 levels and includes the impact of interest rate swaps terminating July 25, 2025. The following table summarizes the maturity profile of our net derivative asset based on contractual undiscounted payments: December 31, 2024 Carrying value - asset (liability) Total inflows (outflows) 2025 2026 2027 2028 Thereafter Electricity swaps $ — $ 5 $ (4) $ (2) $ (1) $ (1) $ 14 Total $ — $ 5 $ (4) $ (2) $ (1) $ (1) $ 14
Disclosure of CAD dollar foreign currency balance sheet exposure	As at December 31, 2024, we had the following floating rate financial instruments: Financial instrument Carrying Financial liability: Term loan $ 200 Financial asset: Interest rate swap contracts $ 2

Capital disclosures (Tables)

Capital disclosures (Tables)	12 Months Ended
	Dec. 31, 2024
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 2024 2023 Debt Operating loans $ — $ — Current and non-current lease obligation 29 39 Current and non-current debt 200 500 Derivative liabilities 1 — — Open letters of credit 1 36 43 Total debt 265 582 Shareholders’ equity 6,954 7,223 Total capital $ 7,219 $ 7,805 Total debt to capital 4% 7% Total debt $ 265 $ 582 Cash and cash equivalents (641) (900) Open letters of credit (36) (43) Derivative liabilities — — Cheques issued in excess of funds on deposit — — Net debt (412) (361) Shareholders’ equity 6,954 7,223 Total capital $ 6,542 $ 6,862 Net debt to capital (6%) (5%) 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, 2024
Operating Segments [Abstract]
Segment information	Lumber NA EWP Pulp & Paper Europe EWP Corporate & Other Total Year ended December 31, 2024 Sales To external customers $ 2,550 $ 2,794 $ 378 $ 453 $ — $ 6,175 To other segments 42 9 11 — (62) — $ 2,592 2,803 389 453 (63) 6,174 Cost of products sold (2,080) (1,634) (309) (375) 64 (4,333) Freight and other distribution costs (382) (326) (65) (42) — (815) Export duties, net (72) — — — — (72) Amortization (192) (284) (14) (48) (11) (549) Selling, general and administration (142) (99) (11) (29) (1) (282) Equity-based compensation — — — — (14) (14) Restructuring and impairment charges (28) (1) (3) (70) (1) (102) Operating earnings (loss) $ (303) $ 459 $ (13) $ (110) $ (26) $ 7 Total assets 3,641 3,943 187 561 429 $ 8,760 Total liabilities 635 572 89 136 375 $ 1,807 Capital expenditures 312 140 15 19 1 $ 487 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
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 2024 2023 2024 2023 United States $ 2,748 $ 2,689 $ 4,150 $ 4,251 Canada 3,817 3,883 1,210 1,118 U.K and Europe 358 466 458 524 Asia — — 351 557 Other — — 5 4 $ 6,924 $ 7,038 $ 6,174 $ 6,454

Countervailing ("CVD") and an_2

Countervailing ("CVD") and antidumping ("ADD") duty dispute (Tables)	12 Months Ended
	Dec. 31, 2024
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 % 6.85 % January 10, 2022 – August 8, 2022 5.08 % 6.85 % August 9, 2022 - December 31, 2022 3.62 % 6.85 % AR6 POI 7 January 1, 2023 - July 31, 2023 3.62 % n/a August 1, 2023 - December 31, 2023 2.19 % n/a AR7 POI 8 January 1, 2024 - August 18, 2024 2.19 % n/a August 19, 2024 - December 31, 2024 6.85 % 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. On August 19, 2024, the USDOC Issued the final CVD rate for the AR5 POI. 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 . 8. The CVD rate for the AR7 POI will be adjusted when AR7 is complete and the USDOC finalizes the rate, which is not expected until 2026. 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 % 5.04% 4.52 % August 9, 2022 - December 31, 2022 4.63 % 5.04% 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 % AR7 POI 8 January 1, 2024 - August 18, 2024 7.06 % n/a 2.58 % August 19, 2024 - December 31, 2024 5.04 % n/a 2.58 % 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. On August 19, 2024, the USDOC Issued the final ADD rate for the AR5 POI. An amended ADD rate was issued on September 24, 2024, and was retroactively applied to August 19, 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. 8. The ADD rate for the AR7 POI will be adjusted when AR7 is complete and the USDOC finalizes the rate, which is not expected until 2026.
Impact on results	The following table reconciles our cash deposits paid during the year to the amount recorded in our statements of earnings: ($ millions) 2024 2023 Cash deposits 1 (62) (53) Adjust to West Fraser Estimated ADD rate 2 22 (17) Export duties, net (40) (70) Duty recovery attributable to AR4 3 — 62 Duty expense attributable to AR5 4 (32) — Export duty (expense) recovery (72) (8) Net interest income on export duty deposits 19 27 1. Represents combined CVD and ADD cash deposit rate of 8.25% from January 1, 2023 to July 31, 2023, 9.25% from August 1, 2023 to December 31, 2023, 9.25% from January 1, 2024 to August 18, 2024 and 11.89% from August 19, 2024 to December 31, 2024. 2. Represents adjustment to the West Fraser Estimated ADD rate of 2.58% f or 2024 and 8.84% for 2023. 3. $62 million represents the duty recovery attributable to the finalization of the AR4 duty rates for the 2021 POI. The final CVD rate was 2.19% and the final ADD rate was 7.06% for AR4. 4. $32 million represents the duty expense attributable to the finalization of AR5 duty rates for the 2022 POI.
Impact on balance sheet	Export duty deposits receivable is represented by: Export duty deposits receivable 2024 2023 Beginning of year $ 377 $ 354 Export duty deposit receivable on adjustment to estimated ADD rate 22 — Export duty deposit receivable on adjustment to finalized rates (16) — Interest income recognized on duty deposits receivable 25 23 End of year $ 408 $ 377 Export duties payable is represented by: Export duties payable 2024 2023 Beginning of year $ 24 $ 73 Export duty deposit payable on adjustment to finalized rates 15 (62) Export duty deposit payable on adjustment to estimated ADD rate — 17 Interest expense (income) recognized on export duties payable 6 (4) End of year $ 46 $ 24

Basis of presentation (Details)

Basis of presentation (Details)	12 Months Ended
	Dec. 31, 2024	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	100%	50%

Business combinations - Narrati

Business combinations - Narrative (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Nov. 17, 2023 USD ($)	Nov. 17, 2023 CAD ($)
Cariboo Pulp & Paper Company
Disclosure of detailed information about business combination [Line Items]
Proportion of ownership interest in joint operation	100%	50%
Cariboo Pulp & Paper Company
Disclosure of detailed information about business combination [Line Items]
Percentage of voting equity interests acquired			50%
Spray Lake Acquisition
Disclosure of detailed information about business combination [Line Items]
Percentage of voting equity interests acquired				100%	100%
Cash consideration				$ 101	$ 139

Business combinations - Schedul

Business combinations - Schedule of business combination (Details) $ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 17, 2023 USD ($)	Nov. 17, 2023 CAD ($)
Fair value of net assets acquired:
Income taxes receivable				$ 1
Net gain resulting from the CPP agreement		$ 1	$ 0
Cariboo Pulp & Paper Acquisition
Fair value of net assets acquired:
Cash	$ 2
Accounts receivable	3
Inventories	35
Prepaid expenses	1
Property, plant and equipment	59
Payables and accrued liabilities	(39)
Other liabilities	(14)
Deferred income tax liabilities	(1)
Identifiable assets acquired (liabilities assumed)	44
Investment in joint venture is measured using equity method or at fair value	(43)
Net gain resulting from the CPP agreement	$ 1
Spray Lake Acquisition
West Fraser purchase consideration:
Cash consideration				101	$ 139
Fair value of net assets acquired:
Cash				1
Accounts receivable				3
Inventories				24
Prepaid expenses				1
Property, plant and equipment				58
Timber licenses				41
Payables and accrued liabilities				(8)
Other liabilities				(3)
Deferred income tax liabilities				(18)
Identifiable assets acquired (liabilities assumed)				$ 101

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Standards, Amendments and Interpretations Issued but not yet Applied [Abstract]
Cash	$ 389	$ 513
Cash equivalents	252	387
Cash and cash equivalents	$ 641	$ 900	$ 1,162

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventories [Abstract]
Manufactured products	$ 344	$ 363
Logs and other raw materials	255	257
Materials and supplies	245	231
Inventory	$ 844	$ 851

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventories [Abstract]
Inventory provision	$ 18	$ 31

Disposal of pulp mills - Narrat

Disposal of pulp mills - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of analysis of single amount of discontinued operations [line items]
Impairment	$ 15	$ 209
Hinton pulp mill
Disclosure of analysis of single amount of discontinued operations [line items]
Reversal of impairment loss recognised in profit or loss	(1)
Impairment		121
Quesnel River Pul Mill and Slave Lake Pulp Mill
Disclosure of analysis of single amount of discontinued operations [line items]
Impairment	$ 4	$ 20

Disposal groups held for sale -

Disposal groups held for sale - Disposal Group (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of analysis of single amount of discontinued operations [line items]
Receivables	$ 294	$ 311
Inventories	844	851
Prepaid expenses	36	40
Property, plant and equipment	3,842	3,835	$ 3,982
Timber licences	358	376
Total assets	8,760	9,415
Payables and accrued liabilities	604	620
Current portion of reforestation and decommissioning obligations	55	60
Total liabilities	$ 1,807	2,193
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, 2024
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, 2024	Dec. 31, 2023
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	$ 3,835	$ 3,982
Acquisitions	15	58
Additions	495	516
Amortization	(470)	(462)
Impairment	(15)	(209)
Transfer to disposal groups held for sale		(54)
Foreign exchange	(16)	19
Disposals	(2)	(9)
Transfers	0	(4)
Property, plant and equipment at end of period	3,842	3,835
Cost of sales
Disclosure of detailed information about property, plant and equipment [line items]
Amortization	(462)	(451)
Selling, general and administrative expense
Disclosure of detailed information about property, plant and equipment [line items]
Amortization	(8)	(11)
Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	7,151
Property, plant and equipment at end of period	7,641	7,151
Accumulated depreciation and amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(3,316)
Property, plant and equipment at end of period	(3,798)	(3,316)
Manufacturing plant, equipment and machinery
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	3,319	3,520
Acquisitions	12	23
Additions	73	257
Amortization	(462)	(451)
Impairment	(15)	(202)
Transfer to disposal groups held for sale		(50)
Foreign exchange	(11)	17
Disposals	(2)	(8)
Transfers	343	217
Property, plant and equipment at end of period	3,259	3,319
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	6,524
Property, plant and equipment at end of period	6,939	6,524
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	(3,205)
Property, plant and equipment at end of period	(3,680)	(3,205)
Construction- in-progress
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	376	359
Acquisitions	2	0
Additions	411	244
Amortization	0	0
Impairment	0	(7)
Transfer to disposal groups held for sale		0
Foreign exchange	0	1
Disposals	0	0
Transfers	(343)	(222)
Property, plant and equipment at end of period	445	376
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	376
Property, plant and equipment at end of period	445	376
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	46	44
Acquisitions	0	0
Additions	11	13
Amortization	(7)	(11)
Impairment	0	0
Transfer to disposal groups held for sale		(3)
Foreign exchange	0	0
Disposals	0	0
Transfers	0	2
Property, plant and equipment at end of period	49	46
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	156
Property, plant and equipment at end of period	165	156
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	(110)
Property, plant and equipment at end of period	(116)	(110)
Other
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	94	59
Acquisitions	0	36
Additions	0	1
Amortization	(1)	(1)
Impairment	0	0
Transfer to disposal groups held for sale		(1)
Foreign exchange	(5)	2
Disposals	0	(1)
Transfers	0	(1)
Property, plant and equipment at end of period	89	94
Other | Gross carrying amount
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	95
Property, plant and equipment at end of period	91	95
Other | Accumulated depreciation and amortisation
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment at beginning of period	(1)
Property, plant and equipment at end of period	$ (2)	$ (1)

Timber licenses - Narrative (De

Timber licenses - Narrative (Details)	12 Months Ended
	Dec. 31, 2024
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, 2024	Dec. 31, 2023
Reconciliation of changes in intangible assets other than goodwill [abstract]
Transfer to disposal groups held for sale		$ (3)
Foreign exchange	$ (1)
Timber Licenses
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	376	351
Acquisitions		42
Additions	0	0
Amortization	(17)	(16)
Foreign exchange		(2)
Intangible assets other than goodwill at end of period	358	376
Timber Licenses | Gross carrying amount
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	673
Intangible assets other than goodwill at end of period	672	673
Timber Licenses | Accumulated depreciation and amortisation
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	(297)
Intangible assets other than goodwill at end of period	$ (314)	$ (297)

Goodwill and other intangible_2

Goodwill and other intangibles - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disclosure of detailed information about intangible assets [line items]
Impairment loss recognised in profit or loss, goodwill	$ 70	$ 0
Europe EWP CGU
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of impairment	391
U.S. Lumber CGU
Disclosure of detailed information about intangible assets [line items]
Recoverable amount of impairment	$ 140
Minimum
Disclosure of detailed information about intangible assets [line items]
Product information, pre-tax discount rates	0.108	0.102
Maximum
Disclosure of detailed information about intangible assets [line items]
Product information, pre-tax discount rates	0.128
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 - Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Selling, general and administrative expense
Reconciliation of changes in intangible assets other than goodwill [abstract]
Amortization	$ 63	$ 62
Goodwill [member]
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	1,949	1,944
Increase (decrease) through net exchange differences, intangible assets and goodwill	(70)	5
Intangible assets other than goodwill at end of period	1,879	1,949
Customer-related intangible assets [member]
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	339	390
Amortization	53	53
Increase (decrease) through net exchange differences, intangible assets and goodwill	0	2
Intangible assets other than goodwill at end of period	285	339
Other intangible assets [member]
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	20	24
Additions	3	3
Amortization	9	9
Increase (decrease) through net exchange differences, intangible assets and goodwill		0
Transfers		4
Other	2	2
Intangible assets other than goodwill at end of period	16	20
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	2,307	2,358
Additions	3	3
Amortization	63	62
Increase (decrease) through net exchange differences, intangible assets and goodwill	(70)	6
Transfers		4
Other	2	2
Intangible assets other than goodwill at end of period	2,180	2,307
Gross carrying amount | Goodwill [member]
Reconciliation of changes in intangible assets other than goodwill [abstract]
Intangible assets other than goodwill at beginning of period	1,949
Intangible assets other than goodwill at end of period	1,879	1,949
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	489
Intangible assets other than goodwill at end of period	489	489
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	80
Intangible assets other than goodwill at end of period	81	80
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	2,518
Intangible assets other than goodwill at end of period	2,448	2,518
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	(150)
Intangible assets other than goodwill at end of period	(203)	(150)
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	(60)
Intangible assets other than goodwill at end of period	(65)	(60)
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	(211)
Intangible assets other than goodwill at end of period	$ (268)	$ (211)

Goodwill and other intangible_4

Goodwill and other intangibles - Schedule of Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about intangible assets [line items]
Goodwill	$ 1,879	$ 1,949
Canadian lumber
Disclosure of detailed information about intangible assets [line items]
Goodwill	171	171
U.S. 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	$ 19	$ 89

Goodwill and other intangible_5

Goodwill and other intangibles - Key Assumptions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Product pricing
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, monetary	$ 37
Product pricing | Decrease
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, percentage	0.01
Production volumes
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, monetary	$ 8
Production volumes | Decrease
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, percentage	0.05
Operating costs
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, monetary	$ 33
Operating costs | Increase
Disclosure of detailed information about intangible assets [line items]
Significant unobservable input, percentage	0.01

Other assets (Details)

Other assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Retirement assets	$ 61	$ 83
Electricity swaps	12	18
Deposits	42	25
Other	13	12
Other assets	$ 129	$ 137

Payables and accrued liabilit_3

Payables and accrued liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract]
Trade accounts	$ 401	$ 417
Accrued equity-based compensation	41	53
Compensation	56	66
Accrued export duties	8	5
Accrued dividends	26	25
Accrued interest	2	5
Electricity swaps	4	0
Current portion of lease obligations	10	13
Restructuring provision	5	3
Other	52	33
Payables and accrued liabilities	$ 604	$ 620

Other liabilities (Details)

Other liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Post-retirement	$ 97	$ 106
Non-current portion of reforestation obligations	47	53
Non-current portion of decommissioning obligations	24	16
Non-current portion of lease obligations	19	26
Export duties	46	24	$ 73
Electricity swaps	8	12
Other	22	22
Other liabilities	$ 264	$ 260

Other liabilities - Liabilities

Other liabilities - Liabilities Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Provision for Reforestation
Provision for decommissioning, restoration and rehabilitation costs [Roll Forward]
Other provisions at beginning of period	$ 92	$ 93
Acquisition	0	3
Increase (decrease) through transfers and other changes, other provisions	0	0
Liabilities recognized	49	46
Liabilities settled	(61)	(52)
Change in estimates	10	0
Foreign exchange	(7)	2
Other provisions at end of period	83	92
Less: current portion	(36)	(39)
Non-current portion of reforestation obligations	47	53
Provision for Decommissioning
Provision for decommissioning, restoration and rehabilitation costs [Roll Forward]
Other provisions at beginning of period	37	35
Acquisition	1	1
Increase (decrease) through transfers and other changes, other provisions	0	(2)
Liabilities recognized	9	3
Liabilities settled	(4)	(1)
Change in estimates	3	0
Foreign exchange	(3)	1
Other provisions at end of period	43	37
Less: current portion	(19)	(21)
Non-current portion of reforestation obligations	$ 24	$ 16

Other liabilities - Narrative (

Other liabilities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disclosure of contingent liabilities [line items]
Undiscounted estimated required cash flow	$ 139	$ 137
Minimum
Disclosure of contingent liabilities [line items]
Undiscounted cash flow, Interest rate	0.0250	0.0250
Provision for decommissioning, restoration, estimated period	12 years
Maximum
Disclosure of contingent liabilities [line items]
Undiscounted cash flow, Interest rate	0.0333	0.0388
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	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 CAD ($)
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 265	$ 582
Gain (loss) on interest rate swap contracts	(4)	(6)
Non-current derivative financial assets	2
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		6
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
Uncommitted Revolving Credit Facility | UNITED STATES
Disclosure of detailed information about borrowings [line items]
Borrowing facilities, maximum borrowing capacity	25
Uncommitted Revolving Credit Facility | Europe
Disclosure of detailed information about borrowings [line items]
Borrowing facilities, maximum borrowing capacity	20
Demand Line of Credit
Disclosure of detailed information about borrowings [line items]
Borrowing facilities, maximum borrowing capacity	11			$ 15
Revolving credit facility which matures July 2026 | Deferred Financing Costs Netting
Disclosure of detailed information about borrowings [line items]
Borrowings	2	2
Credit Facilities Dedicated to Letters of Credit
Disclosure of detailed information about borrowings [line items]
Borrowings	130	133
Borrowings, Letters Of Credit	36	$ 43
Term loan due July 2025; floating interest rate | Interest rate swap contract
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 200

Operating loans and long-term_4

Operating loans and long-term debt - Schedule of long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 265	$ 582
Less: current portion	(200)	(300)
Long-term debt	0	199
Deferred Financing Cost Netting
Disclosure of detailed information about borrowings [line items]
Borrowings	0	(1)
Senior Notes Due Oct 2024 | Gross carrying amount
Disclosure of detailed information about borrowings [line items]
Borrowings	0	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	$ 200	$ 500

Retirement benefits - Narrative

Retirement benefits - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [line items]
Return on plan assets excluding interest income or expense, before tax, defined benefit plans		$ 40	$ 78
Net defined benefit liability		$ 101	$ 120
Weighted average duration of defined benefit obligation		18 years	18 years
Post-employment benefit expense, defined contribution plans		$ 35	$ 35
Forecast
Disclosure of defined benefit plans [line items]
Employer contributions	$ 10
Pension defined benefit plans
Disclosure of defined benefit plans [line items]
Employer contributions		43	32
Net defined benefit liability		78	89
Net defined benefit (liability) asset		$ 17	$ 6

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, 2024	Dec. 31, 2023
Disclosure of defined benefit plans [line items]
Retirement liabilities	$ (101)	$ (120)
Pension defined benefit plans
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	6
Employer contributions	43	32
Net defined benefit (liability) asset	17	6
Retirement assets	65	84
Impact of minimum funding requirement	(3)	(1)
Retirement assets	61	83
Retirement liabilities	(78)	(89)
Net defined benefit (liability) asset	17	6
Pension defined benefit plans | Present value of defined benefit obligation
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	791	838
CPP acquisition	(10)	0
Transfer to held for sale	0	77
Service cost	41	37
Finance cost on obligation	(36)	(42)
Benefits paid	(34)	(42)
Actuarial (gain) loss due to change in financial assumptions	(12)	63
Actuarial loss due to demography/experience	4	31
Settlement	(101)	(120)
Other	(3)	0
Foreign exchange	(55)	17
Net defined benefit (liability) asset	678	791
Net defined benefit (liability) asset	678	791
Pension defined benefit plans | Plan assets
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	(786)	(927)
CPP acquisition	11	0
Transfer to held for sale	0	(79)
Finance cost on obligation	35	46
Actual return on plan assets, net of finance income	5	32
Employer contributions	21	14
Benefits paid	34	42
Refund of excess contributions	(3)	(15)
Settlement	(102)	(115)
Other	(1)	(2)
Foreign exchange	(55)	20
Net defined benefit (liability) asset	(664)	(786)
Net defined benefit (liability) asset	(664)	(786)
Other Post-Employment Defined Benefit Plans
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	17
Employer contributions	1	1
Net defined benefit (liability) asset	19	17
Retirement assets	0	0
Impact of minimum funding requirement	0	0
Retirement assets	0	0
Retirement liabilities	(19)	(17)
Net defined benefit (liability) asset	19	17
Other Post-Employment Defined Benefit Plans | Present value of defined benefit obligation
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	17	18
CPP acquisition	(3)	0
Transfer to held for sale	0	2
Service cost	0	0
Finance cost on obligation	(1)	(1)
Benefits paid	(1)	(1)
Actuarial (gain) loss due to change in financial assumptions	0	1
Actuarial loss due to demography/experience	0	0
Settlement	0	0
Other	1	0
Foreign exchange	(2)	0
Net defined benefit (liability) asset	19	17
Net defined benefit (liability) asset	19	17
Other Post-Employment Defined Benefit Plans | Plan assets
Disclosure of defined benefit plans [line items]
Net defined benefit (liability) asset	0	0
CPP acquisition	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, 2024	Dec. 31, 2023
Pension defined benefit plans
Disclosure of defined benefit plans [line items]
Service cost	$ 41	$ 37
Administration fees	2	4
Settlement loss (gain)	1	(6)
Curtailment gain related to disposal of pulp mills	2	0
Finance expense (income), net	1	(3)
Defined benefit plans expense	43	32
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
Curtailment gain related to disposal of pulp mills	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, 2024 USD ($)
Disclosure of defined benefit plans [line items]
Defined benefit pension plans	$ 1,674
Not later than one year [member]
Disclosure of defined benefit plans [line items]
Defined benefit pension plans	24
Later than one year and not later than two years [member]
Disclosure of defined benefit plans [line items]
Defined benefit pension plans	26
Later than two years and not later than five years [member]
Disclosure of defined benefit plans [line items]
Defined benefit pension plans	93
Later than five years [member]
Disclosure of defined benefit plans [line items]
Defined benefit pension plans	$ 1,531

Retirement benefits - Actuarial

Retirement benefits - Actuarial assumptions (Details)	Dec. 31, 2024	Dec. 31, 2023
Pension defined benefit plans
Disclosure of defined benefit plans [line items]
Discount rate, benefit obligations	4.83%	4.69%
Future compensation rate increase, benefit obligations	3.66%	3.62%
Discount rate, benefit expense	4.69%	5.17%
Future compensation rate increase, benefit expense	3.62%	3.53%
Other Post-Employment Defined Benefit Plans
Disclosure of defined benefit plans [line items]
Discount rate, benefit obligations	4.78%	4.69%
Discount rate, benefit expense	4.69%	5.10%

Retirement benefits - Impact of

Retirement benefits - Impact of change in assumptions (Details) $ in Millions	Dec. 31, 2024 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	$ (56)
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ 65
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	$ 13
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption	$ (12)
Actuarial assumption of discount rates, percentage change	0.0050

Retirement benefits - Assets al

Retirement benefits - Assets allocations (Details)	Dec. 31, 2024	Dec. 31, 2023
Disclosure of fair value of plan assets [line items]
Debt instruments, percentage contributed to fair value of plan assets	49%	43%
Alternative Investment, percentage contributed to fair value of plan assets	25%	27%
Other assets, percentage contributed to fair value of plan assets	5%	6%
Total	100%	100%
Minimum
Disclosure of fair value of plan assets [line items]
Debt instruments, percentage contributed to fair value of plan assets	30%
Alternative Investments, 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	75%
Alternative Investments, percentage contributed to fair value of plan assets	57%
Canadian
Disclosure of fair value of plan assets [line items]
Equities	5%	6%
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	15%
Foreign
Disclosure of fair value of plan assets [line items]
Equities	16%	18%
Foreign | Minimum
Disclosure of fair value of plan assets [line items]
Equities	10%
Foreign | Maximum
Disclosure of fair value of plan assets [line items]
Equities	44%

Share capital - Narrative (Deta

Share capital - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Feb. 27, 2024	Feb. 23, 2023
Disclosure of classes of share capital [line items]
Shares held as treasury for cancellation		53,937
Stock repurchase program, number of additional shares authorized				4,063,696
Repurchase of Common shares for cancellation	$ 147	$ 129
Potential ordinary share transactions [member]
Disclosure of classes of share capital [line items]
Stock repurchase program, number of additional shares authorized			3,971,380
Normal Course Issuer Bid Program
Disclosure of classes of share capital [line items]
Treasury shares, repurchased, average price (in USD/CAD per share)	$ 80.26	$ 70.24
Substantial Issuer Bid
Disclosure of classes of share capital [line items]
Repurchase of common shares for cancellation (in share)	1,799,217	1,834,801
Share Option Plans
Disclosure of classes of share capital [line items]
Increase in number of shares outstanding	12,550	383
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, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Share capital	$ 2,549,000,000	$ 2,607,000,000
Equity	$ 6,954,000,000	$ 7,223,000,000	$ 7,619,000,000
Classes of share capital
Disclosure of classes of share capital [line items]
Number of shares issued	79,988,266	81,720,996
Equity	$ 2,549,000,000	$ 2,607,000,000
Ordinary shares | Classes of share capital
Disclosure of classes of share capital [line items]
Number of shares issued	77,706,788	79,439,518
Class B common shares | Classes of 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, 2024 USD ($) shares $ / shares	Dec. 31, 2024 USD ($) shares $ / shares	Dec. 31, 2023 USD ($) shares $ / shares	Dec. 31, 2023 USD ($) shares $ / shares	Dec. 31, 2024 CAD ($) shares	Dec. 31, 2023 CAD ($) shares
Disclosure of range of exercise prices of outstanding share options [line items]
Expense from equity-settled share-based payment transactions			$ 25
Equity-based compensation	$ 14		25
Exercised (in CAD per share) | $ / shares		$ 69.42		$ 59.81
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	623,431
Equity-based compensation	$ 6		11
Share-based payment arrangements, vesting rate	20%
Share-based payment arrangements, vesting period	10 years
Exercised (in CAD per share) | $ / shares		$ 123.05		$ 107.45
Liabilities from share-based payment transactions	$ 21	$ 21	$ 30	$ 30
Weighted average share price, share options granted | (per share)	$ 30.04	$ 43.23	$ 34.21	$ 46.17
Intrinsic value of liabilities from share-based payment transactions for which counterparty's right to cash or other assets vested	$ 10	$ 10	$ 16	$ 16	$ 14	$ 22
Phantom Share Unit
Disclosure of range of exercise prices of outstanding share options [line items]
Equity-based compensation	$ 7		$ 12
Share-based payment arrangements, vesting period	3 years
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	168,775	168,775	179,757	179,757	168,775	179,757
Deferred Share Unit
Disclosure of range of exercise prices of outstanding share options [line items]
Equity-based compensation			$ 2
Recovery of expense from share-based payment transactions	$ 2
Number of other equity instruments outstanding in share-based payment arrangement | shares	91,450	91,450	78,895	78,895	91,450	78,895

Equity-based compensation - Sha

Equity-based compensation - Share Option Activity (Details)	12 Months Ended
	Dec. 31, 2024 shares $ / shares	Dec. 31, 2023 shares $ / shares
Share-Based Payment Arrangements [Abstract]
Number of share options outstanding in share-based payment arrangement | shares	849,670	841,305
Number of share options granted in share-based payment arrangement | shares	170,144	137,115
Number of share options exercised in share-based payment arrangement | shares	(313,307)	(123,781)
Number of share options forfeited in share-based payment arrangement | shares	(16,320)	(4,969)
Number of share options outstanding in share-based payment arrangement | shares	690,187	849,670
Number of share options exercisable in share-based payment arrangement | shares	366,732	568,481
Granted (in CAD per share) | $ / shares	$ 107.54	$ 109.42
Outstanding - beginning of year (in CAD per share) | $ / shares	83.59	76.19
Exercised (in CAD per share) | $ / shares	69.42	59.81
Expired/Cancelled (in USD per share) | $ / shares	105.12	85.54
Outstanding - end of year (in CAD per share) | $ / shares	95.42	83.59
Exercisable - end of year (in CAD per share) | $ / shares	$ 85.47	$ 75.63

Equity-based compensation - Ran

Equity-based compensation - Range of Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2024 shares $ / shares	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 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	690,187	849,670	841,305
Weighted average remaining contractual life of outstanding share options	6 years 7 months 6 days
Weighted average exercise price (in CAD per share)	$ 95.42	$ 83.59	$ 76.19
Number of share options exercisable in share-based payment arrangement | shares	366,732	568,481
Weighted average exercise price of shares exercisable (in CAD per share)	$ 85.47	$ 75.63
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	69,577
Weighted average remaining contractual life of outstanding share options	3 years 1 month 6 days
Weighted average exercise price (in CAD per share)	$ 52.12
Number of share options exercisable in share-based payment arrangement | shares	69,577
Weighted average exercise price of shares exercisable (in CAD per share)	$ 52.12
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	115,776
Weighted average remaining contractual life of outstanding share options	4 years 6 months
Weighted average exercise price (in CAD per share)	$ 67.93
Number of share options exercisable in share-based payment arrangement | shares	101,492
Weighted average exercise price of shares exercisable (in CAD per share)	$ 68.42
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	116,699
Weighted average remaining contractual life of outstanding share options	5 years 4 months 24 days
Weighted average exercise price (in CAD per share)	$ 90.91
Number of share options exercisable in share-based payment arrangement | shares	81,953
Weighted average exercise price of shares exercisable (in CAD per share)	$ 90.11
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	388,135
Weighted average remaining contractual life of outstanding share options	8 years 2 months 12 days
Weighted average exercise price (in CAD per share)	$ 112.74
Number of share options exercisable in share-based payment arrangement | shares	113,710
Weighted average exercise price of shares exercisable (in CAD per share)	$ 117.75
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)	81.42
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)	107.53
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)	79.69
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, 2024 CAD ($) years $ / shares	Dec. 31, 2023 CAD ($) $ / $ $ / shares
Share-Based Payment Arrangements [Abstract]
Share price on balance sheet (in CAD per share)	$ 123.56	$ 113.45
Weighted average exercise price (in CAD per share)	$ 95.42	$ 83.59
Expected dividend (in CAD per share) | $	$ 1.84	$ 1.59
Expected volatility, share options granted	42.58%	42.22%
Risk free interest rate, share options granted	2.87%	3.57%
Option life, share options granted	4.35	4.07

Restructuring and impairment _2

Restructuring and impairment charges - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring and impairment charges [Line Items]
Restructuring and impairment charges	$ 102	$ 279
Impairment	15	209
Other Restructuring Charges	2	3
Hinton pulp mill
Restructuring and impairment charges [Line Items]
Impairment		121
Quesnel River Pul Mill and Slave Lake Pulp Mill
Restructuring and impairment charges [Line Items]
Impairment	4	20
Canadian lumber
Restructuring and impairment charges [Line Items]
Impairment	28	128
Fraser Lake lumber mill
Restructuring and impairment charges [Line Items]
Impairment	8
lumber mill in Lake Butler, Florida
Restructuring and impairment charges [Line Items]
Impairment	17	47
Fibre sources in B.C.
Restructuring and impairment charges [Line Items]
Impairment		$ 81
lumber mill in Maxville, Florida
Restructuring and impairment charges [Line Items]
Impairment	$ 3

Restructuring and impairment _3

Restructuring and impairment charges - Schedule of Restructuring and Impairment Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring and impairment charges [Line Items]
Impairment loss recognised in profit or loss, goodwill	$ 70	$ 0
Impairment	15	209
Other Restructuring Charges	2	3
Restructuring and impairment charges	102	279
Hinton pulp mill
Restructuring and impairment charges [Line Items]
Impairment		121
Quesnel River Pul Mill and Slave Lake Pulp Mill
Restructuring and impairment charges [Line Items]
Impairment	4	20
Canadian lumber
Restructuring and impairment charges [Line Items]
Impairment	28	128
Investments accounted for using equity method [member]
Restructuring and impairment charges [Line Items]
Impairment	$ 0	$ 7

Finance expense, net (Details)

Finance expense, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Analysis of income and expense [abstract]
Interest expense	$ (26)	$ (24)
Interest income on cash and cash equivalents	44	47
Interest Income On Duty Deposits Receivable, Net Of Interest Expense	19	27
Finance Expense On Employee Future Benefits	(3)	1
Finance income (cost)	$ 34	$ 51

Other (Details)

Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Analysis of income and expense [abstract]
Foreign exchange gain (loss)	$ 7	$ (7)
Settlement costs related to pension annuity purchase agreement	(1)	6
Net gain resulting from the CPP agreement	1	0
Gain (loss) on electricity swaps	(9)	17
Gain (loss) on interest rate swap contracts	(4)	(6)
Other	4	(5)
Other Nonoperating Income (Expense), Total	$ (2)	$ 5

Tax provision - Major component

Tax provision - Major components of income tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Recognized In Profit Or Loss [Abstract]
Current tax expense (income)	$ 118	$ 61
Deferred tax expense (income) recognised in profit or loss	(74)	(122)
Tax expense (income)	(43)	61
Income Tax Expense Recognized In Other Comprehensive Income [Abstract]
Income tax relating to components of other comprehensive income	3	(12)
Income Tax Expense (Income) Recognized In Profit Or Loss And Comprehensive Income	$ 46	$ (73)

Tax provision - Income tax rate

Tax provision - Income tax rate reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of Income Tax [Abstract]
Income tax recovery (provision) at statutory rate of 27%	$ (10)	$ 62
Rate differentials between jurisdictions and on specified activities	(7)	(3)
Non-taxable amounts	(20)	0
Tax effect of foreign tax rates	(6)	0
Tax Effect, Income tax credits	5	0
Deferred tax expense (income)	(2)	0
Other	(3)	2
Tax recovery (provision)	$ (43)	$ 61

Tax provision - Deferred income

Tax provision - Deferred income tax liabilities (assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	$ 602	$ 677
Deferred tax assets	(7)	(6)
Deferred tax liabilities	609	683
Net operating losses	95	83
Net operating losses, not yet recognized	30	32
Capital losses, not yet recognized	95	83
Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	304	241
State
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Net operating losses	227	306
Net operating losses, not yet recognized	205	270
Property, Plant And Equipment And Intangibles
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	681	737
Reforestation And Decommissioning Obligations
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(27)	(30)
Employee Benefits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(25)	(22)
Export Duty Deposits
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	93	90
Tax loss carry-forwards
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(70)	(47)
Inventory
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	(16)	(12)
Other temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred tax liability (asset)	$ (34)	$ (39)

Employee compensation - Narrati

Employee compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Analysis of income and expense [abstract]
Employee compensation expense	$ 984	$ 989

Employee compensation (Details)

Employee compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Employee Compensation Expense [Abstract]
Wages and salaries, and short-term employee benefits expense	$ 7	$ 8
Post-employment benefit expense in profit or loss	1	2
Equity-based compensation	10	19
Employee compensation expense	19	29
Employee Compensation Accruals [Abstract]
Employee Compensation Payable	0	0
Equity-based compensation	27	39
Employee compensation payable	$ 27	$ 39

Earnings (loss) per share (Deta

Earnings (loss) per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Loss
Numerator for basic EPS	$ (5)	$ (167)
Cash-settled expense included in earnings	7	0
Equity-settled expense adjustment	(7)	0
Numerator for diluted EPS	$ (6)	$ (167)
Weighted average number of shares
Basic (in shares)	80,859	83,199
Share options (in shares)	265	0
Diluted (in shares)	81,124	83,199
Earnings per share
Basic (in usd per share)	$ (0.06)	$ (2.01)
Diluted (in usd per share)	$ (0.07)	$ (2.01)

Financial instruments - Financi

Financial instruments - Financial assets and liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 948	$ 1,230
Financial assets, fair value	948	1,230
Financial liabilities	812	1,132
Financial liabilities, fair value	812	1,126
Payables and accrued liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	600	620
Financial liabilities, fair value	600	620
Long-Term Debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	200	500
Financial liabilities, fair value	200	494
Electricity Swaps
Disclosure of detailed information about financial instruments [line items]
Financial assets	13
Financial assets, fair value	13
Financial liabilities	12	12
Financial liabilities, fair value	12	12
Financial liabilities at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	12	12
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	13
Financial liabilities	12	12
Financial Liabilities, Other, Category
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	800	1,120
Financial Liabilities, Other, Category | Payables and accrued liabilities
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	600	620
Financial Liabilities, Other, Category | Long-Term Debt
Disclosure of detailed information about financial instruments [line items]
Financial liabilities	200	500
Cash And Short Term Investments
Disclosure of detailed information about financial instruments [line items]
Financial assets	641	900
Financial assets, fair value	641	900
Trade receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets	292	302
Financial assets, fair value	292	302
Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Financial assets	2	6
Financial assets, fair value	2	6
Electricity Swaps
Disclosure of detailed information about financial instruments [line items]
Financial assets		22
Financial assets, fair value		22
Financial assets at amortised cost, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	933	1,202
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	641	900
Financial assets at amortised cost, category | Trade receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets	292	302
Financial assets at fair value through profit or loss, category
Disclosure of detailed information about financial instruments [line items]
Financial assets	15	28
Financial assets at fair value through profit or loss, category | Interest rate swaps
Disclosure of detailed information about financial instruments [line items]
Financial assets	$ 2	6
Financial assets at fair value through profit or loss, category | Electricity Swaps
Disclosure of detailed information about financial instruments [line items]
Financial assets		$ 22

Financial instruments - Narrati

Financial instruments - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2023 USD ($)
Disclosure of financial assets [line items]
Financial assets	$ 948		$ 1,230
Borrowings	265		582
Forecast
Disclosure of financial assets [line items]
Contractual commitments for acquisition of property, plant and equipment		$ 114
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)	6
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)	6
United Kingdom, Pounds
Disclosure of financial assets [line items]
Change in value of foreign currency, increase (decrease) of one cent increase (decrease)	6
Euro Member Countries, Euro
Disclosure of financial assets [line items]
Change in value of foreign currency, increase (decrease) of one cent increase (decrease)	6
Electricity Swaps
Disclosure of financial assets [line items]
Financial assets	13
Long-term debt			(10)
Trade receivables
Disclosure of financial assets [line items]
Financial assets	$ 292		$ 302
Trade receivables | Credit risk
Disclosure of financial assets [line items]
Credit risk	0.29		0.26

Financial instruments - Aging a

Financial instruments - Aging analysis of trade accounts receivable (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Current trade receivables	$ 239	$ 250
Sales taxes receivable	27	26
Other	28	35
Total trade and other current receivables	294	311
Current
Disclosure of detailed information about financial instruments [line items]
Current trade receivables	175	215
Not Later Than 30 Days
Disclosure of detailed information about financial instruments [line items]
Current trade receivables	62	28
Later Than 30 Days And Not Later Than 60 Days
Disclosure of detailed information about financial instruments [line items]
Current trade receivables	2	4
Later Than 60 Days
Disclosure of detailed information about financial instruments [line items]
Current trade receivables	$ 0	$ 3

Financial instruments - Contrac

Financial instruments - Contractual future cash outflows for long-term debt (Details) $ in Millions	Dec. 31, 2024 USD ($)
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Long-term debt	$ 200
Interest on long-term debt	2
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	29
Payables and accrued liabilities	590
Cash outflows	821
Electricity swaps	0
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	200
Interest on long-term debt	6
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	38
Payables and accrued liabilities	590
Cash outflows	834
Electricity swaps	5
Not later than one year [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Long-term debt	200
Interest on long-term debt	6
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	11
Payables and accrued liabilities	590
Cash outflows	807
Electricity swaps	(4)
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	0
Interest on long-term debt	0
Bonds Issued, Lease Obligations, Undiscounted Cash Flows	6
Payables and accrued liabilities	0
Cash outflows	6
Electricity swaps	(2)
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	4
Payables and accrued liabilities	0
Cash outflows	4
Electricity swaps	(1)
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
Electricity swaps	(1)
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	14
Payables and accrued liabilities	0
Cash outflows	14
Electricity swaps	$ 14

Financial instruments - Finan_2

Financial instruments - Financial instruments indexed to LIBOR (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Debt	$ 265	$ 582
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	$ 2

Capital disclosures (Details)

Capital disclosures (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 265	$ 582
Cash and cash equivalents	641	900	$ 1,162
Cheques Issued In Excess Of Funds On Deposit	0	0
Net Borrowings	(412)	(361)
Equity	6,954	7,223	$ 7,619
Borrowings And Equity	$ 7,219	$ 7,805
Total Debt To Total Capital Ratio	4%	7%
Total Capital and Debt	$ 6,542	$ 6,862
Total Net Debt To Net Capital	(6.00%)	(5.00%)
Operating Loan
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 0	$ 0
Lease liabilities
Disclosure of detailed information about borrowings [line items]
Borrowings	29	39
Long-Term Debt
Disclosure of detailed information about borrowings [line items]
Borrowings	200	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	$ 36	$ 43

Segment and geographical info_3

Segment and geographical information - Segment information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of operating segments [line items]
Sales	$ 6,174	$ 6,454
Cost of products sold	(4,333)	(4,685)
Freight and other distribution costs	(815)	(894)
Export duties, net	(72)	(8)
Amortization	(549)	(541)
Selling, general and administration	(282)	(307)
Equity-based compensation	(14)	(25)
Profit (loss) from operating activities	7	(284)
Total assets	8,760	9,415
Total liabilities	1,807	2,193
Lumber
Disclosure of operating segments [line items]
Sales	2,592	2,794
NA EWP
Disclosure of operating segments [line items]
Sales	2,803	2,608
Pulp & Paper
Disclosure of operating segments [line items]
Sales	389	623
Europe EWP
Disclosure of operating segments [line items]
Sales	453	517
Corporate & Other
Disclosure of operating segments [line items]
Sales	(63)	(89)
Operating segments
Disclosure of operating segments [line items]
Sales	6,175	6,454
Cost of products sold	(4,333)	(4,685)
Freight and other distribution costs	(815)	(894)
Export duties, net	(72)	(8)
Amortization	(549)	(541)
Selling, general and administration	(282)	(307)
Equity-based compensation	(14)	(25)
Restructuring and impairment charges	(102)	(279)
Profit (loss) from operating activities	7	(284)
Total assets	8,760	9,415
Total liabilities	1,807	2,193
Capital expenditures	487	477
Operating segments | Lumber
Disclosure of operating segments [line items]
Sales	2,550	2,722
Cost of products sold	(2,080)	(2,215)
Freight and other distribution costs	(382)	(405)
Export duties, net	(72)	(8)
Amortization	(192)	(185)
Selling, general and administration	(142)	(164)
Equity-based compensation	0	0
Restructuring and impairment charges	(28)	(137)
Profit (loss) from operating activities	(303)	(319)
Total assets	3,641	3,606
Total liabilities	635	507
Capital expenditures	312	253
Operating segments | NA EWP
Disclosure of operating segments [line items]
Sales	2,794	2,602
Cost of products sold	(1,634)	(1,594)
Freight and other distribution costs	(326)	(329)
Export duties, net	0	0
Amortization	(284)	(273)
Selling, general and administration	(99)	(96)
Equity-based compensation	0	0
Restructuring and impairment charges	(1)	0
Profit (loss) from operating activities	459	316
Total assets	3,943	4,338
Total liabilities	572	551
Capital expenditures	140	156
Operating segments | Pulp & Paper
Disclosure of operating segments [line items]
Sales	378	612
Cost of products sold	(309)	(555)
Freight and other distribution costs	(65)	(120)
Export duties, net	0	0
Amortization	(14)	(24)
Selling, general and administration	(11)	(25)
Equity-based compensation	0	0
Restructuring and impairment charges	(3)	(142)
Profit (loss) from operating activities	(13)	(242)
Total assets	187	333
Total liabilities	89	125
Capital expenditures	15	32
Operating segments | Europe EWP
Disclosure of operating segments [line items]
Sales	453	517
Cost of products sold	(375)	(409)
Freight and other distribution costs	(42)	(40)
Export duties, net	0	0
Amortization	(48)	(49)
Selling, general and administration	(29)	(21)
Equity-based compensation	0	0
Restructuring and impairment charges	(70)	0
Profit (loss) from operating activities	(110)	(3)
Total assets	561	691
Total liabilities	136	149
Capital expenditures	19	30
Operating segments | Corporate & Other
Disclosure of operating segments [line items]
Sales	0	0
Cost of products sold	64	89
Freight and other distribution costs	0	0
Export duties, net	0	0
Amortization	(11)	(10)
Selling, general and administration	(1)	0
Equity-based compensation	(14)	(25)
Restructuring and impairment charges	(1)	0
Profit (loss) from operating activities	(26)	(35)
Total assets	429	446
Total liabilities	375	861
Capital expenditures	1	7
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	42	72
Elimination of intersegment amounts | NA EWP
Disclosure of operating segments [line items]
Sales	9	6
Elimination of intersegment amounts | Pulp & Paper
Disclosure of operating segments [line items]
Sales	11	11
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	$ (62)	$ (89)

Segment and geographical info_4

Segment and geographical information - Geographic distribution (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of operating segments [line items]
Non-current assets	$ 6,924	$ 7,038
Sales	6,174	6,454
UNITED STATES
Disclosure of operating segments [line items]
Non-current assets	2,748	2,689
Sales	4,150	4,251
CANADA
Disclosure of operating segments [line items]
Non-current assets	3,817	3,883
Sales	1,210	1,118
U.K and Europe [Member]
Disclosure of operating segments [line items]
Non-current assets	358	466
Sales	458	524
Asia [Member]
Disclosure of operating segments [line items]
Non-current assets	0	0
Sales	351	557
Other Geographical Areas [Member]
Disclosure of operating segments [line items]
Non-current assets	0	0
Sales	$ 5	$ 4

Countervailing ("CVD") and an_3

Countervailing ("CVD") and antidumping ("ADD") duty dispute - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disclosure of contingent liabilities [line items]
Duty Recoverable Attributable To AR3	$ (32)	$ 0
Export duties payable	46	24	$ 73
USDOC
Disclosure of contingent liabilities [line items]
Export duties payable	$ 898	$ 836

Countervailing ("CVD") and an_4

Countervailing ("CVD") and antidumping ("ADD") duty dispute - CVD and ADD Rates (Details)	12 Months Ended
	Dec. 31, 2024
Effective Date Two
Antidumping Info [Abstract]
Antidumping Dispute, Estimated Rate	9.25%
Effective Date Three
Antidumping Info [Abstract]
Antidumping Dispute, Estimated Rate	11.89%
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%
AR5 POI | Effective Date Ten
Countervailing Info [Abstract]
Countervailing Dispute, Cash Deposit Rate	5.06%
Countervailing Dispute, Price and Output Indices Rate	6.85%
Antidumping Info [Abstract]
Antidumping Dispute, Cash Deposit Rate	6.06%
Antidumping Dispute, Price and Output Indices Rate	504%
Antidumping Dispute, Estimated Rate	4.52%
AR5 POI | Effective Date Eleven
Countervailing Info [Abstract]
Countervailing Dispute, Cash Deposit Rate	5.08%
Countervailing Dispute, Price and Output Indices Rate	6.85%
Antidumping Info [Abstract]
Antidumping Dispute, Cash Deposit Rate	4.63%
Antidumping Dispute, Price and Output Indices Rate	504%
Antidumping Dispute, Estimated Rate	4.52%
AR5 POI | Effective Date Twelve
Countervailing Info [Abstract]
Countervailing Dispute, Cash Deposit Rate	3.62%
Countervailing Dispute, Price and Output Indices Rate	6.85%
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%
AR7 POI | Effect Date Fifteen
Countervailing Info [Abstract]
Countervailing Dispute, Cash Deposit Rate	2.19%
Antidumping Info [Abstract]
Antidumping Dispute, Cash Deposit Rate	7.06%
Antidumping Dispute, Estimated Rate	2.58%
AR7 POI | Effective Date Sixteen
Countervailing Info [Abstract]
Countervailing Dispute, Cash Deposit Rate	6.85%
Antidumping Info [Abstract]
Antidumping Dispute, Cash Deposit Rate	5.04%
Antidumping Dispute, Estimated Rate	2.58%

Countervailing ("CVD") and an_5

Countervailing ("CVD") and antidumping ("ADD") duty dispute - Impact on results (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disclosure of contingent liabilities [line items]
Cash deposits paid	$ (62)	$ (53)
Adjust to West Fraser Estimated ADD rate	22	(17)
Effective duty expense for period	(40)	(70)
Duty recovery attributable to AR2	0	62
Duty Recoverable Attributable To AR3	(32)	0
Export duty (expense) recovery	(72)	(8)
Interest Income On Duty Deposits	$ 19	$ 27
Effective Date One
Disclosure of contingent liabilities [line items]
Antidumping and Countervailing Combine Rates	8.25%
Effective Date Two
Disclosure of contingent liabilities [line items]
Antidumping Dispute, Estimated Rate	9.25%
Effective Date Three
Disclosure of contingent liabilities [line items]
Antidumping Dispute, Estimated Rate	11.89%
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 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%
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, 2024	Dec. 31, 2023
Export Duty Deposits Receivable [Roll Forward]
Beginning of year	$ 377	$ 354
Export duty deposit receivable on adjustment to estimated ADD rate	22	0
Export duty deposit receivable on adjustment to finalized rates	(16)	0
Interest Income On Duty Deposits Receivable	25	23
End of year	408	377
Export Duties Payable [Roll Forward]
Beginning of year	24	73
Export duty deposit payable on adjustment to finalized rates	(15)	62
Export duty deposit payable on adjustment to estimated ADD rate	0	17
Interest Income On Duty Deposits Payable	6	(4)
End of year	$ 46	$ 24