v3.25.4
Financial instruments (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025LevelFinancial assets at amortized costFinancial assets or financial liabilities at FVTPLFinancial liabilities at amortized costCarrying valueFair value
Financial assets
Cash and cash equivalents2$202 $— $— $202 $202 
Receivables3244— — 244 244 
Interest rate swaps2
2— — — — — 
Electricity swaps2
3— 24 — 24 24 
$445 $24 $— $469 $469 
Financial liabilities
Payables and accrued liabilities
3$— $— $580 $580 $580 
Long-term debt1
2— — 300 300 300 
Interest rate swaps2
2— — — — — 
Electricity swaps2
3— 10 — 10 10 
$— $10 $880 $890 $890 
1.The fair value of long-term debt is based on rates available to us at December 31, 2025 for long-term debt with similar terms and remaining maturities.
2.The current portion of our electricity swap contracts are included in payables and accrued liabilities in our consolidated balance sheet at December 31, 2025. The value of our interest rate swap contracts and the non-current portions of our electricity swap contracts are included in other assets and other liabilities.
December 31, 2024LevelFinancial assets at amortized costFinancial assets or financial liabilities at FVTPLFinancial liabilities at amortized costCarrying valueFair value
Financial assets
Cash and cash equivalents2$641——$641$641
Receivables3292——292292
Interest rate swaps2
2—2—22
Electricity swaps2
3—13—1313
$933$15$—$948$948
Financial liabilities
Payables and accrued liabilities
3$—$—$600$600$600
Long-term debt1
2——200200200
Electricity swaps2
3—12—1212
$—$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.
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, 2025LevelFinancial assets at amortized costFinancial assets or financial liabilities at FVTPLFinancial liabilities at amortized costCarrying valueFair value
Financial assets
Cash and cash equivalents2$202 $— $— $202 $202 
Receivables3244— — 244 244 
Interest rate swaps2
2— — — — — 
Electricity swaps2
3— 24 — 24 24 
$445 $24 $— $469 $469 
Financial liabilities
Payables and accrued liabilities
3$— $— $580 $580 $580 
Long-term debt1
2— — 300 300 300 
Interest rate swaps2
2— — — — — 
Electricity swaps2
3— 10 — 10 10 
$— $10 $880 $890 $890 
1.The fair value of long-term debt is based on rates available to us at December 31, 2025 for long-term debt with similar terms and remaining maturities.
2.The current portion of our electricity swap contracts are included in payables and accrued liabilities in our consolidated balance sheet at December 31, 2025. The value of our interest rate swap contracts and the non-current portions of our electricity swap contracts are included in other assets and other liabilities.
December 31, 2024LevelFinancial assets at amortized costFinancial assets or financial liabilities at FVTPLFinancial liabilities at amortized costCarrying valueFair value
Financial assets
Cash and cash equivalents2$641——$641$641
Receivables3292——292292
Interest rate swaps2
2—2—22
Electricity swaps2
3—13—1313
$933$15$—$948$948
Financial liabilities
Payables and accrued liabilities
3$—$—$600$600$600
Long-term debt1
2——200200200
Electricity swaps2
3—12—1212
$—$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.
Disclosure of aging analysis of trade accounts receivable The aging analysis of trade accounts receivable is presented below:
As at
December 31, 2025December 31, 2024
Trade accounts receivable
Current129 175 
Past due 1 to 30 days4862
Past due 31 to 60 days62
Past due over 60 days4—
Trade accounts receivable186 239 
Sales taxes receivable27 27 
Other31 28 
Receivables244 294 
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 compared to its discounted or current carrying value:
As at December 31, 2025Carrying valueTotal2026202720282029Thereafter
Long-term debt
$300 $300 $— — 300 — — 
Interest on long-term debt1
2 38 16 16 7 — — 
Lease obligations33 44 10 7 5 5 17 
Payables and accrued liabilities569 569 569 — — — — 
Total
$904 $951 $595 $23 $312 $5 $17 
1.Assumes debt remains at December 31, 2025 levels and includes the impact of interest rate swaps terminating May 30, 2028.
The following table summarizes the maturity profile of our net derivative asset based on contractual undiscounted payments:
As at December 31, 2025Carrying value - asset (liability)Total inflows (outflows)2026202720282029Thereafter
Electricity swaps$14 $23 $(5)$(3)$(1)$1 $30 
Total
$14 $23 $(5)$(3)$(1)$1 $30 
Disclosure of CAD dollar foreign currency balance sheet exposure
As at December 31, 2025, we had the following floating rate financial instruments:
Financial instrumentCarrying
value
Financial liability: Term loan$300 
Financial asset: Interest rate swap contracts$—