CHANGE IN NET OPERATING ASSETS AND LIABILITIES | | | | | | | | | | | | | | | Years ended December 31 | | (In millions of dollars) | | 2025 | 2024 | | | | | | Accounts receivable, excluding financing receivables | | (540) | | (396) | | | Financing receivables | | (115) | | (318) | | | Contract assets | | 16 | | 7 | | | Inventories | | 102 | | (185) | | | Other current assets | | (64) | | 146 | | | Accounts payable and accrued liabilities | | (21) | | (209) | | | Contract and other liabilities | | 30 | | 79 | | | | | | | Total change in net operating assets and liabilities | | (592) | | (876) | |
CAPITAL EXPENDITURES | | | | | | | | | | | | | | | Years ended December 31 | | (In millions of dollars) | Note | 2025 | 2024 | | | | | | Capital expenditures before proceeds on disposition | | 3,863 | | 4,100 | | | Proceeds on disposition | 8, 9 | (156) | | (59) | | | | | | | Capital expenditures | | 3,707 | | 4,041 | |
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