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A1 4841 333 Bloor Street East, 10th Floor Toronto ON M4W 1G9 416 935-7777 CT Corporation System 111 Eighth Avenue, 13th Floor New York NY 10011 212 894-8940 Class B Non-Voting RCI NYSE 15(d) true true 111152011 429073267 Yes Yes false true false KPMG LLP Toronto, ON, Canada 85 21712000000 20604000000 11892000000 10987000000 4802000000 4616000000 439000000 406000000 2043000000 2295000000 69000000 0 5021000000 6000000 7626000000 2306000000 720000000 572000000 6906000000 1734000000 6894000000 1734000000 12000000 0 12.77 3.25 12.74 3.20 6906000000 1734000000 115000000 177000000 30000000 48000000 85000000 129000000 37000000 11000000 -2000000 1000000 39000000 10000000 124000000 139000000 -25000000 1081000000 -1409000000 1983000000 65000000 63000000 105000000 57000000 -32000000 145000000 1246000000 -1167000000 1246000000 -1167000000 1370000000 -1028000000 8276000000 706000000 8264000000 706000000 12000000 0 1344000000 898000000 6105000000 5478000000 550000000 641000000 151000000 171000000 1239000000 849000000 99000000 336000000 9488000000 8373000000 26307000000 25072000000 28898000000 17858000000 1291000000 615000000 746000000 997000000 1198000000 1189000000 2052000000 1027000000 20032000000 16280000000 90012000000 71411000000 4000000000 2959000000 4831000000 4059000000 0 26000000 3831000000 482000000 1114000000 800000000 1186000000 3696000000 690000000 587000000 15652000000 12609000000 55000000 61000000 35872000000 38200000000 2428000000 2191000000 2225000000 1666000000 9494000000 6281000000 65726000000 61008000000 17751000000 10403000000 6535000000 0 24286000000 10403000000 90012000000 71411000000 71000000 111152000 2250000000 424949000 10630000000 -7000000 -2551000000 10000000 10403000000 0 10403000000 6894000000 6894000000 12000000 6906000000 85000000 85000000 85000000 39000000 39000000 39000000 1246000000 1246000000 1246000000 85000000 39000000 1246000000 0 1370000000 1370000000 6979000000 39000000 1246000000 0 8264000000 12000000 8276000000 1079000000 1079000000 1079000000 -2000000 -2000000 -2000000 6656000000 6656000000 133000000 133000000 165000000 4124000 165000000 165000000 0 0 165000000 4124000 -1081000000 -916000000 6523000000 5607000000 71000000 111152000 2415000000 429073000 16528000000 32000000 -1305000000 10000000 17751000000 6535000000 24286000000 71000000 111152000 1921000000 418869000 9839000000 -17000000 -1384000000 10000000 10440000000 1734000000 1734000000 129000000 129000000 10000000 10000000 -1167000000 -1167000000 129000000 10000000 -1167000000 0 -1028000000 1863000000 10000000 -1167000000 0 706000000 1068000000 1068000000 -4000000 -4000000 329000000 6080000 329000000 0 0 329000000 6080000 -1072000000 -743000000 71000000 111152000 2250000000 424949000 10630000000 -7000000 -2551000000 10000000 10403000000 6906000000 1734000000 4802000000 4616000000 86000000 63000000 -2043000000 -2295000000 720000000 572000000 75000000 82000000 38000000 8000000 4976000000 0 69000000 0 -128000000 -166000000 9421000000 9188000000 592000000 876000000 700000000 545000000 2070000000 2087000000 6059000000 5680000000 3707000000 4041000000 105000000 72000000 78000000 -136000000 4315000000 475000000 -7000000 -3000000 -8212000000 -4455000000 1021000000 1138000000 -3478000000 -1103000000 114000000 107000000 104000000 47000000 559000000 478000000 913000000 739000000 133000000 0 6656000000 0 -5000000 -5000000 2599000000 -1127000000 446000000 98000000 898000000 800000000 1344000000 898000000 NATURE OF THE BUSINESS<div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Rogers Communications Inc. is Canada's communications, sports and entertainment company. Substantially all of our operations and sales are in Canada. RCI is incorporated in Canada and its registered office is located at 333 Bloor Street East, Toronto, Ontario, M4W 1G9. RCI's shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">We, us, our, Rogers, Rogers Communications,</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> and </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">the Company</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> refer to Rogers Communications Inc. and its subsidiaries. </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">RCI</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.003%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Segment</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Principal activities</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Wireless</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Wireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cable</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Media</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, digital media, and sports team ownership.</span></div></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During the year ended December 31, 2025, Wireless and Cable were operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other subsidiaries. Media was operated by our wholly owned subsidiary, Rogers Media Inc., its subsidiaries, and, following completion of the MLSE Transaction, MLSE (see note 3). Effective this year, Today's Shopping Choice (TSC) was transferred from the Media reportable segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">See note 5 for more information about our reportable operating segments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">References in these financial statements to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023. For additional details regarding the Shaw Transaction, see note 3 to our 2024 Annual Audited Consolidated Financial Statements. References in these financial statements to the MLSE Transaction are to our acquisition of Bell's indirect 37.5% interest in Maple Leaf Sports &amp; Entertainment Ltd. (MLSE) on July 1, 2025 (see note 3). References in these financial statements to the "network transaction" are to our sale of a non-controlling interest in Backhaul Network Services Inc. (BNSI), a Canadian subsidiary of Rogers that owns a minor part of our wireless network (see note 28).</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">BUSINESS SEASONALITY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our operating results generally vary from quarter to quarter as a result of changes in general economic conditions and seasonal fluctuations, among other things, in each of our reportable segments. This means our results in one quarter are not necessarily indicative of how we will perform in a future quarter. Wireless, Cable, and Media each have unique seasonal aspects to, and certain other historical trends in, their businesses, which are described below. Fluctuations in net income from quarter to quarter can also be attributed to losses on the repayment of debt, other income and expenses, impairment of assets, restructuring, acquisition and other costs, and changes in income tax expense.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Wireless</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Wireless operating results are influenced by the timing of our marketing and promotional expenditures and higher levels of subscriber additions, resulting in higher subscriber acquisition- and activation-related expenses, typically in the third and fourth quarters. The third and fourth quarters typically experience higher volumes of activity as a result of "back to school" and holiday season-related consumer behaviour. More aggressive promotional offers are often advertised during these periods. In contrast, we typically see lower subscriber-related activity in the first quarter of the year.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The launch of new products and services, including popular new wireless device models, can also affect the level of subscriber activity. Highly anticipated device launches typically occur in the spring and fall seasons of each year. Wireless roaming revenue is dependent on customer travel volumes and timing, which in turn are affected by the foreign exchange rate of the Canadian dollar and general economic conditions.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Cable</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cable operating results are affected by modest seasonal fluctuations, typically caused by:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">university and college students who live in temporary residences:</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">moving out early in the second quarter and canceling their service; and</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">students moving in late in the third quarter and signing up for cable service;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">individuals temporarily suspending wireline service for extended vacations or seasonal relocations;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">individuals temporarily activating satellite services for second or vacation homes during the second and third quarter;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the timing of service pricing changes; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the concentrated marketing we generally conduct in our fourth quarter.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cable results from our enterprise customers do not generally have any unique seasonal aspects.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Media</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Seasonal fluctuations relate to:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the timing of regular season and postseason games in the major sports leagues in which we operate (see below); and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">periods of increased consumer activity and their impact on advertising cycles, which tend to be most active in the fourth quarter due to holiday spending and slower in the first quarter.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We own and operate the following major sports teams:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the Toronto Blue Jays (Major League Baseball or MLB), for which the regular season typically runs from late March to September and the postseason occurs in October;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the Toronto Maple Leafs (National Hockey League or NHL), for which the regular season typically runs from October to early April and the playoffs occur from mid-April to mid-June;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the Toronto Raptors (National Basketball Association or NBA), for which the regular season typically runs from mid-October to mid-April and the playoffs occur from mid-April to June;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the Toronto Football Club (Major League Soccer or MLS), for which the regular season typically runs from mid-February to mid-October and the playoffs occur from mid-October to early December; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the Toronto Argonauts (Canadian Football League or CFL), for which the regular season typically runs from early June to late October and the playoffs occur in November.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Revenue recognized, and the related costs incurred, on game-related items (tickets, merchandise, and concessions, for example) and advertising is concentrated when games are played, with postseason games commanding a premium in advertising revenue and additional revenue from game-related items, if and when any of the teams play in their respective postseasons. We also have access to the broadcast rights for nationally broadcast NHL games and some or all of the broadcast rights for the Toronto Blue Jays, Toronto Maple Leafs, and Toronto Raptors home games. Programming and production costs for such broadcasts are expensed based on the number of games aired. Player payroll costs are expensed based on the number of games played by each team.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">STATEMENT OF COMPLIANCE</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We prepared our consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). The Board of Directors (Board) authorized these consolidated financial statements for issue on March 6, 2026.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We report our results of operations in three reportable segments. Each segment and the nature of its business is as follows:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:10.797%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.003%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Segment</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Principal activities</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Wireless</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Wireless telecommunications operations for Canadian consumers, businesses, the public sector, and wholesale providers.</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cable</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Media</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, digital media, and sports team ownership.</span></div></td></tr></table></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">INFORMATION BY SEGMENT</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:42.208%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.764%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.934%"></td><td style="width:0.1%"></td></tr><tr style="height:8pt"><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Corporate items and eliminations</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated totals</span></td></tr><tr style="height:8pt"><td colspan="21" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,603 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,997 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">312 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,712</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from internal customers</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">112 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">291 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(471)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenue</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,715 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,868 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,288 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(159)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,712</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,351 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,283 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,047 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">211 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,892</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted EBITDA</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,585 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">241 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(370)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,820</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8, 9, 10</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,802</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restructuring, acquisition and other</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">11 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">439</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,043</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposition of data centres</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(69)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">13 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,021)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income before income tax expense</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,626</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,471 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,803 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">206 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">227 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,707</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">10</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,634 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,617 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,781 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20,032</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:42.208%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.764%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.934%"></td><td style="width:0.1%"></td></tr><tr style="height:8pt"><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Corporate items and eliminations</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated totals</span></td></tr><tr style="height:8pt"><td colspan="21" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,528 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,801 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,973 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">302 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,604 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from internal customers</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">269 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(411)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenue</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,595 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,876 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,242 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(109)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,604 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,283 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,358 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,154 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">192 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,987 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted EBITDA</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,312 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,518 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(301)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,617 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8, 9, 10</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,616 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restructuring, acquisition and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">11 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,295 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">13 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income before income tax expense</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,306 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,596 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,939 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">259 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">247 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,041 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">10</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,634 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,677 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">969 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,280 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 3 0.375 <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">STATEMENT OF COMPLIANCE</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We prepared our consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). The Board of Directors (Board) authorized these consolidated financial statements for issue on March 6, 2026.</span></div> MATERIAL ACCOUNTING POLICIES<div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(a)</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:6.95pt">BASIS OF PRESENTATION</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">All amounts are in Canadian dollars unless otherwise noted. Our functional currency is the Canadian dollar. We prepare the consolidated financial statements on a historical cost basis, except for:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">certain financial instruments as disclosed in note 19, including investments (which are also disclosed in note 20), which are measured at fair value;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the net deferred pension liability, which is measured as described in note 27; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">liabilities for stock-based compensation, which are measured at fair value as disclosed in note 29.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(b)</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:5.93pt">BASIS OF CONSOLIDATION</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Subsidiaries are entities we control. We include the financial statements of our subsidiaries in our consolidated financial statements from the date we gain control of them until our control ceases. We eliminate all intercompany transactions and balances between our subsidiaries on consolidation. In determining whether we control an entity, we assess the degree of power we can exert over the entity, the degree of variability to which we are exposed from our involvement with the entity, and whether we have the ability to affect our returns using our power. Net income and comprehensive income are attributed to RCI shareholders and non-controlling interests based on the non-controlling interests' share of the net income in the subsidiary in which they hold their interest. Equity attributable to RCI shareholders is reported separately from non-controlling interests in total equity.</span></div><div><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(c)</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:7.34pt">FOREIGN CURRENCY TRANSLATION</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We translate amounts denominated in foreign currencies into Canadian dollars as follows:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">monetary assets and liabilities - at the exchange rate in effect as at the date of the Consolidated Statements of Financial Position;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">non-monetary assets and liabilities, and related depreciation and amortization - at the historical exchange rates; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">revenue and expenses other than depreciation and amortization - at the average exchange rate for the month in which the transaction was recognized.</span></div><div style="padding-left:18pt"><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(d)</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:5.94pt">ASSETS HELD FOR SALE</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We classify non-current assets, or disposal groups consisting of assets and liabilities, as held-for-sale if it is highly probable their carrying amounts will be recovered primarily through a sale rather than through continued use. Assets, or disposal groups, classified as held-for-sale are measured at the lower of (i) their carrying amount and (ii) fair value less costs to sell. Once classified as held-for-sale, property, plant and equipment and finite-life intangible assets are no longer depreciated or amortized, respectively. Classifying assets or disposal groups as held for sale can require significant judgment in determining if the sale is highly probable, especially for larger assets or disposal groups. This requires an assessment of, among other things, whether management is committed to the sale and it is unlikely significant changes to the disposal plan will be made. We regularly reassess assets or disposal groups classified as held-for-sale to determine if their sales are still highly probable and, if not, we reclassify them to their original captions in the Consolidated Statement of Financial Position.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(e)</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:6.5pt">PLAYER COMPENSATION</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Annual contractual player salaries are expensed over the applicable regular season on a straight-line basis. Signing bonuses paid to players are considered earned when the contract is executed by both the player and the team. At that time, we recognize a deferred player compensation liability, reflecting our obligation to pay the signing bonus to the player, and a corresponding deferred player compensation asset. The current and long-term portions of the asset and liability are recognized in other current (or long-term) assets or liabilities based on the recognition and payment schedule associated with each signing bonus. The liability for signing bonuses paid over all or part of a player's contract is recognized at present value. The asset is amortized over the applicable sports league's regular season on a straight-line basis over the fixed contract term of the player.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(f)</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:8.37pt">NEW ACCOUNTING PRONOUNCEMENTS ADOPTED IN 2025</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We adopted the following IFRS amendments in 2025. They did not have a material effect on our consolidated financial statements.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">Amendments to IAS 21, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, clarifying when a currency is exchangeable and when it is not exchangeable.</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(g)</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:5.94pt">RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The IASB has issued the following new standard and amendments to existing standards that will become effective in future years:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13pt">IFRS 18, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Presentation and Disclosure in Financial Statements </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(replacing IAS 1, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Presentation of Financial Statements</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">), with an aim to improve the structure and content of the primary financial statements and comparability between issuers (January 1, 2027). The focus of IFRS 18 is on presentation in the statement of income by requiring income and expenses to be classified into operating, investing, and financing categories. The main business activities of a company drive classification of income and expense into appropriate categories and further disaggregation of operating </span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">expense line items will be required in the statement of income. It also introduces defined subtotals of "operating profit" and "profit before financing and income taxes" in the statement of income to improve comparability between companies. Impacts on the statement of cash flows include eliminating classification options for interest and dividend receipts (must be classified as investing) and payments (must be classified as financing). In addition, IFRS 18 provides guidance on the disclosure of "management-defined performance measures" in relation to the statement of income, including reconciliation requirements.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">Amendments to IFRS 9, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> and IFRS 7, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments: Disclosures, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">clarifying both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems (January 1, 2026).</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We are assessing the impacts IFRS 18 and the amendments to IFRS 9 and IFRS 7 will have on our consolidated financial statements. We do not expect the amendments to have a material impact on adoption; however, our consolidated statement of income will be presented differently under IFRS 18 and there will be recategorizations of certain line items in the statements of income and statements of cash flows. </span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">(h)</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:6.31pt">ADDITIONAL MATERIAL ACCOUNTING POLICIES, ESTIMATES, AND JUDGMENTS </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">When preparing our consolidated financial statements, we make judgments, estimates, and assumptions that affect how accounting policies are applied and the amounts we report as assets, liabilities, revenue, and expenses. The accounting policies applied in 2025 were consistent with those applied in 2024. Our material accounting policies, estimates, and judgments are identified in this note or disclosed throughout the notes as identified in the table below, including:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the amounts recognized in the consolidated financial statements;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">information about judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">information on our material accounting policies.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:5.074%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.098%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.472%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.920%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Note</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Topic</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Page</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Accounting Policy</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Use of Estimates </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Use of Judgments</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Business Combinations and Sales</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_34" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">13</a></span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Reportable Segments</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_43" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">19</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue Recognition</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_46" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">20</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Property, Plant and Equipment</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_52" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">25</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Leases</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_58" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">27</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Intangible Assets and Goodwill</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_61" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">30</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restructuring, Acquisition and Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_67" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">34</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income Taxes</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_76" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">35</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Earnings Per Share</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_79" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">37</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts Receivable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_82" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">38</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Inventories</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_85" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">39</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial Instruments</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_91" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">39</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_97" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">52</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_109" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">57</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Post-Employment Benefits</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_121" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">63</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">29</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Stock-Based Compensation</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_136" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">69</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">32</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Commitments and Contingent Liabilities</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_148" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">75</a></span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr></table></div> <span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:6.95pt">BASIS OF PRESENTATION</span><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">All amounts are in Canadian dollars unless otherwise noted. Our functional currency is the Canadian dollar. We prepare the consolidated financial statements on a historical cost basis, except for:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">certain financial instruments as disclosed in note 19, including investments (which are also disclosed in note 20), which are measured at fair value;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the net deferred pension liability, which is measured as described in note 27; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">liabilities for stock-based compensation, which are measured at fair value as disclosed in note 29.</span></div> <span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:5.93pt">BASIS OF CONSOLIDATION</span><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Subsidiaries are entities we control. We include the financial statements of our subsidiaries in our consolidated financial statements from the date we gain control of them until our control ceases. We eliminate all intercompany transactions and balances between our subsidiaries on consolidation. In determining whether we control an entity, we assess the degree of power we can exert over the entity, the degree of variability to which we are exposed from our involvement with the entity, and whether we have the ability to affect our returns using our power. Net income and comprehensive income are attributed to RCI shareholders and non-controlling interests based on the non-controlling interests' share of the net income in the subsidiary in which they hold their interest. Equity attributable to RCI shareholders is reported separately from non-controlling interests in total equity.</span></div> <span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:7.34pt">FOREIGN CURRENCY TRANSLATION</span><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We translate amounts denominated in foreign currencies into Canadian dollars as follows:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">monetary assets and liabilities - at the exchange rate in effect as at the date of the Consolidated Statements of Financial Position;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">non-monetary assets and liabilities, and related depreciation and amortization - at the historical exchange rates; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">revenue and expenses other than depreciation and amortization - at the average exchange rate for the month in which the transaction was recognized.</span></div> <span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:5.94pt">ASSETS HELD FOR SALE</span><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We classify non-current assets, or disposal groups consisting of assets and liabilities, as held-for-sale if it is highly probable their carrying amounts will be recovered primarily through a sale rather than through continued use. Assets, or disposal groups, classified as held-for-sale are measured at the lower of (i) their carrying amount and (ii) fair value less costs to sell. Once classified as held-for-sale, property, plant and equipment and finite-life intangible assets are no longer depreciated or amortized, respectively. Classifying assets or disposal groups as held for sale can require significant judgment in determining if the sale is highly probable, especially for larger assets or disposal groups. This requires an assessment of, among other things, whether management is committed to the sale and it is unlikely significant changes to the disposal plan will be made. We regularly reassess assets or disposal groups classified as held-for-sale to determine if their sales are still highly probable and, if not, we reclassify them to their original captions in the Consolidated Statement of Financial Position.</span></div> <span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:6.5pt">PLAYER COMPENSATION</span><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Annual contractual player salaries are expensed over the applicable regular season on a straight-line basis. Signing bonuses paid to players are considered earned when the contract is executed by both the player and the team. At that time, we recognize a deferred player compensation liability, reflecting our obligation to pay the signing bonus to the player, and a corresponding deferred player compensation asset. The current and long-term portions of the asset and liability are recognized in other current (or long-term) assets or liabilities based on the recognition and payment schedule associated with each signing bonus. The liability for signing bonuses paid over all or part of a player's contract is recognized at present value. The asset is amortized over the applicable sports league's regular season on a straight-line basis over the fixed contract term of the player.</span></div> <span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:8.37pt">NEW ACCOUNTING PRONOUNCEMENTS ADOPTED IN 2025</span><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We adopted the following IFRS amendments in 2025. They did not have a material effect on our consolidated financial statements.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">Amendments to IAS 21, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, clarifying when a currency is exchangeable and when it is not exchangeable.</span></div> <span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:5.94pt">RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED</span><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The IASB has issued the following new standard and amendments to existing standards that will become effective in future years:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13pt">IFRS 18, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Presentation and Disclosure in Financial Statements </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(replacing IAS 1, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Presentation of Financial Statements</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">), with an aim to improve the structure and content of the primary financial statements and comparability between issuers (January 1, 2027). The focus of IFRS 18 is on presentation in the statement of income by requiring income and expenses to be classified into operating, investing, and financing categories. The main business activities of a company drive classification of income and expense into appropriate categories and further disaggregation of operating </span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">expense line items will be required in the statement of income. It also introduces defined subtotals of "operating profit" and "profit before financing and income taxes" in the statement of income to improve comparability between companies. Impacts on the statement of cash flows include eliminating classification options for interest and dividend receipts (must be classified as investing) and payments (must be classified as financing). In addition, IFRS 18 provides guidance on the disclosure of "management-defined performance measures" in relation to the statement of income, including reconciliation requirements.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">Amendments to IFRS 9, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> and IFRS 7, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments: Disclosures, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">clarifying both the classification of financial assets linked to environmental, social, and governance as well as the timing in which a financial asset or financial liability is derecognized when using electronic payment systems (January 1, 2026).</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%"> </span></div>We are assessing the impacts IFRS 18 and the amendments to IFRS 9 and IFRS 7 will have on our consolidated financial statements. We do not expect the amendments to have a material impact on adoption; however, our consolidated statement of income will be presented differently under IFRS 18 and there will be recategorizations of certain line items in the statements of income and statements of cash flows. Our material accounting policies, estimates, and judgments are identified in this note or disclosed throughout the notes as identified in the table below, including:<div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the amounts recognized in the consolidated financial statements;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">information about judgments made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">information on our material accounting policies.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:5.074%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.098%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.472%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.920%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Note</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Topic</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Page</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Accounting Policy</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Use of Estimates </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Use of Judgments</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Business Combinations and Sales</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_34" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">13</a></span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Reportable Segments</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_43" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">19</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenue Recognition</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_46" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">20</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Property, Plant and Equipment</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_52" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">25</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">9</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Leases</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_58" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">27</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Intangible Assets and Goodwill</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_61" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">30</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Restructuring, Acquisition and Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_67" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">34</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">14</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Income Taxes</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_76" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">35</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Earnings Per Share</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_79" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">37</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">16</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts Receivable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_82" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">38</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">17</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Inventories</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_85" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">39</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">19</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial Instruments</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_91" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">39</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_97" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">52</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">24</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_109" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">57</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Post-Employment Benefits</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_121" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">63</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">29</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Stock-Based Compensation</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_136" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">69</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">32</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Commitments and Contingent Liabilities</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><a href="#i0bb15bdc68c949fc93e8fe8eb5c535d5_148" style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%;text-decoration:none">75</a></span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">X</span></td></tr></table></div> BUSINESS COMBINATIONS AND SALES<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We account for business combinations using the acquisition method of accounting. Only acquisitions that result in our gaining control over the acquired businesses are accounted for as business combinations. We possess control over an entity when we conclude we are exposed to variable returns from our involvement with the acquired entity and we have the ability to affect those returns through our power over the acquired entity.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We calculate the fair value of the consideration paid as the sum of the fair value at the date of acquisition of the assets we transferred, the equity interests we issued, and the liabilities we incurred to former owners of the subsidiary.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure goodwill as the fair value of the consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, which are generally measured at fair value as of the acquisition date. When the excess is negative, a gain on acquisition is recognized immediately in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We expense the transaction costs associated with acquisitions as we incur them.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use estimates in determining the value of assets acquired and liabilities assumed in business combinations, most significantly property, plant and equipment and intangible assets, including the related deferred tax impacts.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use significant judgment to determine what is, and what is not, part of a business combination, including the timing of when control transfers to us. This requires assessing the nature of other transactions entered into with the acquiree to ensure we account for the business combination using only the consideration transferred for the assets acquired and liabilities assumed in the exchange.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We also use significant judgment in determining the valuation methodologies applied to various assets and liabilities.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACQUISITION OF MLSE </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Effective July 1, 2025, after receiving all required regulatory and league approvals, we acquired a holding company that indirectly held Bell's effective 37.5% ownership stake in Maple Leaf Sports &amp; Entertainment Ltd. (MLSE) for a purchase price of $4.7 billion in cash (MLSE Transaction). The purchase price was primarily funded from bank credit facilities together with cash on hand (see note 25). With the closing of the MLSE Transaction, we are the controlling shareholder of MLSE, with a 75% ownership interest. Immediately before acquiring control of an entity, IFRS requires a pre-existing non-controlling equity interest be remeasured at fair value, with any resulting gain or loss recognized in net income. In 2025, we recognized a $5 billion non-cash gain (reflecting the investment's fair value) associated with our existing 37.5% interest in MLSE (see note 13). The holder (MLSE minority holder) of the 25% non-controlling interest in MLSE (MLSE non-controlling interest) has a right to require we purchase its interest beginning in July 2026 at an agreement-defined fair value (MLSE put liability); we have a reciprocal right to acquire the MLSE non-controlling interest under the same terms.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">MLSE owns the </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Toronto Maple Leafs</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> (NHL), </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Toronto Raptors</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> (NBA), </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Toronto FC</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> (MLS), the </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Toronto Argonauts </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(CFL), various minor league teams, and associated real estate holdings, such as Scotiabank Arena. MLSE also holds interests in certain entities that are complementary to its sports and events businesses (see note 20). The MLSE Transaction added significantly to our other sports assets, including the</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%"> Toronto Blue Jays, Rogers Centre</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, and </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Sportsnet</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. MLSE's financial results are included in our Media reportable segment effective July 1, 2025.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total consideration in the business combination reflects $4.7 billion in cash paid to Bell plus the closing-date fair value of our existing investment in MLSE of $5 billion.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The major classes of assets acquired, along with the allocation of fair value to each, consist of property, plant and equipment ($1 billion) and intangible assets ($12 billion, primarily franchise rights and associated trademarks). We have recognized goodwill of $4 billion associated with the acquisition in our Media reportable segment, which arises principally from the recognition of deferred tax liabilities on the indefinite-life intangible assets recognized (see below), the assembled player and non-player workforce, and synergies expected to be generated by the acquisition. Goodwill is not deductible for tax purposes.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Purchase price allocation</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following table summarizes the total purchase consideration and the fair value assigned to each major class of assets and liabilities as at July 1, 2025. Updates from the preliminary purchase price allocation primarily reflect revised fair values for franchise rights and trademark intangible assets ($180 million increase), investments ($47 million increase), the MLSE put liability ($26 million decrease), and the related deferred tax liability impacts ($65 million increase), reflecting a net $220 million decrease to goodwill.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.870%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash consideration</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value of Rogers' existing investment in MLSE</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,976 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total purchase consideration</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,676 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net identifiable asset or liability:</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">201 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts receivable (net of allowance for doubtful accounts of $8 million)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">122 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">995 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,578 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments (note 20)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">602 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(601)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,316)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(81)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract liabilities </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(268)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(298)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(95)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(204)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,036)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total fair value of identifiable net assets acquired</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,864 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,812 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:4.5pt;text-indent:-4.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Property, plant and equipment</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below summarizes the allocation for property, plant and equipment acquired in connection with the MLSE Transaction on closing as at December 31, 2025.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:21.757%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.268%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.488%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Land and buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Computer equipment and software</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Leasehold improvements</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Equipment and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Construction in process</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total owned assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Right-of-use assets<br/>(note 9)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total property, plant and equipment</span></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Acquired from business combination</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">652 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">92 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">40 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">874</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">121 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">995</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Depreciation since July 1, 2025</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">18 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">33</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">634 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">15 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">89 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">63 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">40 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">841</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">117 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">958</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Property, plant and equipment are being amortized over their remaining estimated useful lives, estimated as follows.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:31.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.528%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Asset</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Basis</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Estimated remaining useful life</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Buildings</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30 to 60 years</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6 to 10 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Computer equipment and software</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 to 5 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Leasehold improvements</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10 to 30 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equipment and vehicles</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 to 15 years</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 to 15 years</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Right-of-use assets</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Over remaining lease term</span></td></tr></table></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Intangible assets</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below summarizes the allocation for intangible assets acquired in connection with the MLSE Transaction on closing as at December 31, 2025.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:28.629%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.857%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.318%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Franchise</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rights</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ticket holder and sponsor relationships</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">intangible</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">assets</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>intangible<br/>assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>intangible assets<br/>and goodwill</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquired from business combination</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,830 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">363 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,578</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,812 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,390</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization since July 1, 2025</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,830</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,364</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">356</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,570</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,812</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,382</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Franchise rights and trademarks have indefinite lives and are not being amortized. Ticket holder and sponsor relationships reflect existing relationships with season ticket holders and corporate sponsors; they are being amortized over their estimated useful lives of 25 to 30 years. Other intangible assets are being amortized over their estimated useful life of 16 years.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The valuation of the acquired intangible assets, particularly franchise rights, required significant estimation and judgment. The fair value has been estimated using a market-based approach based on market revenue multiples and precedent team transactions in each of the leagues, including league expansions, as applicable. This required significant estimation to determine the adjustments to available market data for local Toronto market factors, including population, gross domestic product, and number of major sports teams. Changes in any of these estimates and assumptions could have had a significant impact on the valuation of the acquired franchise right assets.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">MLSE put liability</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The MLSE put liability reflects our estimate of the fair value of the MLSE non-controlling interest and is recognized in "other current liabilities". It is a financial liability measured at fair value through profit and loss and is categorized at Level 3 in the fair value hierarchy. The fair value has been estimated using a market-based approach based on the values of the underlying teams and net assets owned by MLSE. Changes in the assumptions related to the team values underlying the valuation could have a material impact on the fair value of the MLSE put liability.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Pro forma information</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Revenue of approximately $0.6 billion and net income of approximately $50 million from MLSE are included in the consolidated statement of income from the date of acquisition. Our consolidated revenue and net income for the year ended December 31, 2025 would have been approximately $22.5 billion and $6.9 billion, respectively, had the MLSE Transaction closed on January 1, 2025. These pro forma amounts reflect depreciation and amortization of applicable elements of the purchase price allocation, related tax adjustments, and the elimination of intercompany transactions.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">SALE OF DATA CENTRE BUSINESS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In December 2025, we sold our customer-facing data centre business to InfraRed Capital Partners for total proceeds of $184 million, resulting in a gain on sale of $69 million. The transaction did not include our corporate data centres used for our own network and IT purposes. Prior to being classified as "held for sale" as at September 30, 2025 (at which point depreciation on the assets ceased), the assets and liabilities related to the customer-facing data centre business were historically included in our Cable reportable segment.</span></div> BUSINESS COMBINATIONS AND SALES<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We account for business combinations using the acquisition method of accounting. Only acquisitions that result in our gaining control over the acquired businesses are accounted for as business combinations. We possess control over an entity when we conclude we are exposed to variable returns from our involvement with the acquired entity and we have the ability to affect those returns through our power over the acquired entity.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We calculate the fair value of the consideration paid as the sum of the fair value at the date of acquisition of the assets we transferred, the equity interests we issued, and the liabilities we incurred to former owners of the subsidiary.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure goodwill as the fair value of the consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, which are generally measured at fair value as of the acquisition date. When the excess is negative, a gain on acquisition is recognized immediately in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We expense the transaction costs associated with acquisitions as we incur them.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use estimates in determining the value of assets acquired and liabilities assumed in business combinations, most significantly property, plant and equipment and intangible assets, including the related deferred tax impacts.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use significant judgment to determine what is, and what is not, part of a business combination, including the timing of when control transfers to us. This requires assessing the nature of other transactions entered into with the acquiree to ensure we account for the business combination using only the consideration transferred for the assets acquired and liabilities assumed in the exchange.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We also use significant judgment in determining the valuation methodologies applied to various assets and liabilities.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACQUISITION OF MLSE </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Effective July 1, 2025, after receiving all required regulatory and league approvals, we acquired a holding company that indirectly held Bell's effective 37.5% ownership stake in Maple Leaf Sports &amp; Entertainment Ltd. (MLSE) for a purchase price of $4.7 billion in cash (MLSE Transaction). The purchase price was primarily funded from bank credit facilities together with cash on hand (see note 25). With the closing of the MLSE Transaction, we are the controlling shareholder of MLSE, with a 75% ownership interest. Immediately before acquiring control of an entity, IFRS requires a pre-existing non-controlling equity interest be remeasured at fair value, with any resulting gain or loss recognized in net income. In 2025, we recognized a $5 billion non-cash gain (reflecting the investment's fair value) associated with our existing 37.5% interest in MLSE (see note 13). The holder (MLSE minority holder) of the 25% non-controlling interest in MLSE (MLSE non-controlling interest) has a right to require we purchase its interest beginning in July 2026 at an agreement-defined fair value (MLSE put liability); we have a reciprocal right to acquire the MLSE non-controlling interest under the same terms.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">MLSE owns the </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Toronto Maple Leafs</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> (NHL), </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Toronto Raptors</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> (NBA), </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Toronto FC</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> (MLS), the </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Toronto Argonauts </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(CFL), various minor league teams, and associated real estate holdings, such as Scotiabank Arena. MLSE also holds interests in certain entities that are complementary to its sports and events businesses (see note 20). The MLSE Transaction added significantly to our other sports assets, including the</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%"> Toronto Blue Jays, Rogers Centre</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, and </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Sportsnet</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. MLSE's financial results are included in our Media reportable segment effective July 1, 2025.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total consideration in the business combination reflects $4.7 billion in cash paid to Bell plus the closing-date fair value of our existing investment in MLSE of $5 billion.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The major classes of assets acquired, along with the allocation of fair value to each, consist of property, plant and equipment ($1 billion) and intangible assets ($12 billion, primarily franchise rights and associated trademarks). We have recognized goodwill of $4 billion associated with the acquisition in our Media reportable segment, which arises principally from the recognition of deferred tax liabilities on the indefinite-life intangible assets recognized (see below), the assembled player and non-player workforce, and synergies expected to be generated by the acquisition. Goodwill is not deductible for tax purposes.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Purchase price allocation</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following table summarizes the total purchase consideration and the fair value assigned to each major class of assets and liabilities as at July 1, 2025. Updates from the preliminary purchase price allocation primarily reflect revised fair values for franchise rights and trademark intangible assets ($180 million increase), investments ($47 million increase), the MLSE put liability ($26 million decrease), and the related deferred tax liability impacts ($65 million increase), reflecting a net $220 million decrease to goodwill.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.870%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash consideration</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value of Rogers' existing investment in MLSE</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,976 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total purchase consideration</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,676 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net identifiable asset or liability:</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">201 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts receivable (net of allowance for doubtful accounts of $8 million)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">122 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">995 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,578 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments (note 20)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">602 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(601)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,316)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(81)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract liabilities </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(268)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(298)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(95)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(204)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,036)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total fair value of identifiable net assets acquired</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,864 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,812 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="padding-left:4.5pt;text-indent:-4.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Property, plant and equipment</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below summarizes the allocation for property, plant and equipment acquired in connection with the MLSE Transaction on closing as at December 31, 2025.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:21.757%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.268%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.488%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Land and buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Computer equipment and software</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Leasehold improvements</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Equipment and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Construction in process</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total owned assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Right-of-use assets<br/>(note 9)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total property, plant and equipment</span></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Acquired from business combination</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">652 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">92 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">40 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">874</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">121 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">995</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Depreciation since July 1, 2025</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">18 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">33</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">634 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">15 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">89 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">63 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">40 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">841</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">117 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">958</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Property, plant and equipment are being amortized over their remaining estimated useful lives, estimated as follows.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:31.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.528%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Asset</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Basis</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Estimated remaining useful life</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Buildings</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30 to 60 years</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6 to 10 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Computer equipment and software</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 to 5 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Leasehold improvements</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10 to 30 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equipment and vehicles</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 to 15 years</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 to 15 years</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Right-of-use assets</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Over remaining lease term</span></td></tr></table></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Intangible assets</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below summarizes the allocation for intangible assets acquired in connection with the MLSE Transaction on closing as at December 31, 2025.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:28.629%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.857%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.318%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Franchise</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rights</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ticket holder and sponsor relationships</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">intangible</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">assets</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>intangible<br/>assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>intangible assets<br/>and goodwill</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquired from business combination</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,830 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">363 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,578</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,812 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,390</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization since July 1, 2025</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,830</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,364</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">356</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,570</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,812</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,382</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Franchise rights and trademarks have indefinite lives and are not being amortized. Ticket holder and sponsor relationships reflect existing relationships with season ticket holders and corporate sponsors; they are being amortized over their estimated useful lives of 25 to 30 years. Other intangible assets are being amortized over their estimated useful life of 16 years.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The valuation of the acquired intangible assets, particularly franchise rights, required significant estimation and judgment. The fair value has been estimated using a market-based approach based on market revenue multiples and precedent team transactions in each of the leagues, including league expansions, as applicable. This required significant estimation to determine the adjustments to available market data for local Toronto market factors, including population, gross domestic product, and number of major sports teams. Changes in any of these estimates and assumptions could have had a significant impact on the valuation of the acquired franchise right assets.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">MLSE put liability</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The MLSE put liability reflects our estimate of the fair value of the MLSE non-controlling interest and is recognized in "other current liabilities". It is a financial liability measured at fair value through profit and loss and is categorized at Level 3 in the fair value hierarchy. The fair value has been estimated using a market-based approach based on the values of the underlying teams and net assets owned by MLSE. Changes in the assumptions related to the team values underlying the valuation could have a material impact on the fair value of the MLSE put liability.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Pro forma information</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Revenue of approximately $0.6 billion and net income of approximately $50 million from MLSE are included in the consolidated statement of income from the date of acquisition. Our consolidated revenue and net income for the year ended December 31, 2025 would have been approximately $22.5 billion and $6.9 billion, respectively, had the MLSE Transaction closed on January 1, 2025. These pro forma amounts reflect depreciation and amortization of applicable elements of the purchase price allocation, related tax adjustments, and the elimination of intercompany transactions.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">SALE OF DATA CENTRE BUSINESS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In December 2025, we sold our customer-facing data centre business to InfraRed Capital Partners for total proceeds of $184 million, resulting in a gain on sale of $69 million. The transaction did not include our corporate data centres used for our own network and IT purposes. Prior to being classified as "held for sale" as at September 30, 2025 (at which point depreciation on the assets ceased), the assets and liabilities related to the customer-facing data centre business were historically included in our Cable reportable segment.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We account for business combinations using the acquisition method of accounting. Only acquisitions that result in our gaining control over the acquired businesses are accounted for as business combinations. We possess control over an entity when we conclude we are exposed to variable returns from our involvement with the acquired entity and we have the ability to affect those returns through our power over the acquired entity.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We calculate the fair value of the consideration paid as the sum of the fair value at the date of acquisition of the assets we transferred, the equity interests we issued, and the liabilities we incurred to former owners of the subsidiary.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure goodwill as the fair value of the consideration transferred less the net recognized amount of the identifiable assets acquired and liabilities assumed, which are generally measured at fair value as of the acquisition date. When the excess is negative, a gain on acquisition is recognized immediately in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We expense the transaction costs associated with acquisitions as we incur them.</span></div> 0.375 4700000000 0.75 5000000000 0.375 0.25 4700000000 5000000000 1000000000 12000000000 4000000000 0 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following table summarizes the total purchase consideration and the fair value assigned to each major class of assets and liabilities as at July 1, 2025. Updates from the preliminary purchase price allocation primarily reflect revised fair values for franchise rights and trademark intangible assets ($180 million increase), investments ($47 million increase), the MLSE put liability ($26 million decrease), and the related deferred tax liability impacts ($65 million increase), reflecting a net $220 million decrease to goodwill.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:78.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.870%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td></tr><tr style="height:8pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash consideration</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value of Rogers' existing investment in MLSE</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,976 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total purchase consideration</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,676 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net identifiable asset or liability:</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">201 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts receivable (net of allowance for doubtful accounts of $8 million)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">122 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">995 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,578 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments (note 20)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">602 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(601)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,316)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(81)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract liabilities </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(268)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(298)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(95)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(204)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,036)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total fair value of identifiable net assets acquired</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,864 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,812 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below summarizes the allocation for property, plant and equipment acquired in connection with the MLSE Transaction on closing as at December 31, 2025.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:21.757%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.268%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.488%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Land and buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Computer equipment and software</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Leasehold improvements</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Equipment and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Construction in process</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total owned assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Right-of-use assets<br/>(note 9)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total property, plant and equipment</span></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Acquired from business combination</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">652 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">92 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">40 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">874</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">121 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">995</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:4.5pt;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Depreciation since July 1, 2025</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">18 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">33</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">634 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">15 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">89 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">63 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">40 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">841</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">117 </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">958</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below summarizes the allocation for intangible assets acquired in connection with the MLSE Transaction on closing as at December 31, 2025.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:28.629%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.857%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.318%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Franchise</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rights</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ticket holder and sponsor relationships</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">intangible</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">assets</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>intangible<br/>assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>intangible assets<br/>and goodwill</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquired from business combination</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,830 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">363 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,578</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,812 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,390</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization since July 1, 2025</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,830</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,364</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">356</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,570</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,812</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,382</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> 180000000 47000000 -26000000 65000000 -220000000 4700000000 4976000000 9676000000 201000000 8000000 122000000 91000000 995000000 11578000000 602000000 183000000 601000000 3316000000 81000000 268000000 9000000 298000000 95000000 204000000 3036000000 5864000000 3812000000 652000000 20000000 92000000 70000000 40000000 874000000 121000000 995000000 -18000000 -5000000 -3000000 -7000000 0 -33000000 -4000000 -37000000 634000000 15000000 89000000 63000000 40000000 841000000 117000000 958000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Property, plant and equipment are being amortized over their remaining estimated useful lives, estimated as follows.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:31.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.528%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Asset</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Basis</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Estimated remaining useful life</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Buildings</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">30 to 60 years</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6 to 10 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Computer equipment and software</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 to 5 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Leasehold improvements</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10 to 30 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equipment and vehicles</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 to 15 years</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1 to 15 years</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Right-of-use assets</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Over remaining lease term</span></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:</span></div><div style="margin-top:5pt;padding-left:13.5pt;padding-right:13.5pt;text-align:center;text-indent:-27pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:31.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.528%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Asset</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Basis</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Estimated useful life</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Buildings</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15 to 60 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cable and wireless network</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 40 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Computer equipment and software</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 to 10 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Customer premise equipment</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 6 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Leasehold improvements</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Over shorter of estimated useful life or lease term</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equipment and vehicles</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 20 years</span></div></td></tr></table></div> P30Y P60Y P6Y P10Y P1Y P5Y P10Y P30Y P1Y P15Y P1Y P15Y 9830000000 1364000000 363000000 21000000 11578000000 3812000000 15390000000 0 0 -7000000 -1000000 -8000000 -8000000 9830000000 1364000000 356000000 20000000 11570000000 3812000000 15382000000 P25Y P30Y P16Y 600000000 50000000 22500000000 6900000000 184000000 69000000 CAPITAL RISK MANAGEMENT<div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our objectives in managing capital are to ensure we have sufficient available liquidity to meet all our commitments and to execute our business plan. We define capital we manage as equity, indebtedness (including the current portion of our long-term debt, long-term debt, short-term borrowings, the current portion of our lease liabilities, and lease liabilities), net of cash and cash equivalents and derivative instruments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We manage our capital structure, commitments, and maturities and make adjustments based on general economic conditions, financial markets, operating risks, our investment priorities, and working capital requirements. To maintain or adjust our capital structure, we may, with approval from the Board as necessary, issue or repay debt or short-term borrowings, issue or repurchase shares, pay dividends, or undertake other activities as deemed appropriate under the circumstances. The Board reviews and approves the annual capital and operating budgets, as well as any material transactions that are not part of the ordinary course of business, including proposals for acquisitions or other major financing transactions, investments, or divestitures.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The wholly owned subsidiary through which our credit card programs are operated is regulated by the Office of the Superintendent of Financial Institutions, which requires a minimum level of regulatory capital be maintained. Our subsidiary was in compliance with that requirement as at December 31, 2025 and 2024. The capital requirements are not material to us as at December 31, 2025 or December 31, 2024.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">With the exception of our credit card programs and the subsidiary through which they are operated, we are not subject to externally imposed capital requirements.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">KEY METRICS AND RATIOS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We monitor adjusted net debt, debt leverage ratio, free cash flow, and available liquidity to manage our capital structure and related risks. These are not standardized financial measures under IFRS and might not be comparable to similar capital management measures disclosed by other companies. A summary of our key metrics and ratios follows, along with a reconciliation between each of these measures and the items presented in the consolidated financial statements.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Adjusted net debt and debt leverage ratio</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We monitor adjusted net debt and debt leverage ratio as part of the management of liquidity to sustain future development of our business, conduct valuation-related analyses, and make decisions about capital. In so doing, we typically aim to have an adjusted net debt and debt leverage ratio that allow us to maintain investment-grade credit ratings, which allows us the associated access to capital markets. Our debt leverage ratio can increase due to strategic, long-term investments (for example, to obtain new spectrum licences or to consummate an acquisition) and we work to lower the ratio over time. While our debt leverage ratio has increased as a result of the MLSE Transaction, we intend to manage our debt leverage ratio through combined operational synergies, organic growth in adjusted EBITDA, proceeds from asset sales and monetizations, equity financing, and debt repayment, as applicable. As at December 31, 2025 and </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2024</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, we met our objectives for these metrics.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:70.930%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except ratios)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted net debt </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1,2</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">38,856</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43,330 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Divided by: trailing 12-month adjusted EBITDA</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,820</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,617 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt leverage ratio</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.0</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.5 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Trailing 12-month adjusted EBITDA reflects the combined results of Rogers including MLSE for the period since the MLSE Transaction closed in July 2025 to December 2025 and standalone Rogers results prior to July 2025.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Free cash flow</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use free cash flow to understand how much cash we generate that is available to repay debt or reinvest in our business, which is an important indicator of our financial strength and performance.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As a result of closing the network transaction (see note 28), we have revised the calculation of free cash flow to deduct distributions paid to non-controlling interests to reflect the unavailability of this cash flow to repay debt or reinvest in our company.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.002%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.921%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.922%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted EBITDA</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">5</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,820</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,617 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deduct:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8, 33</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,707</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,041 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest on borrowings, net and capitalized interest</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">12</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,924</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,986 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash income taxes</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 2</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">700</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">545 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions paid by subsidiaries to non-controlling interests</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">28</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">133</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Free cash flow</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,356</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,045 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences or additions to right-of-use assets, or assets acquired through business combinations.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Cash income taxes are net of refunds received.</span></div><div style="padding-left:4.5pt;text-indent:-4.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.602%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.155%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.921%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.922%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash provided by operating activities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,059</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,680 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Add (deduct):</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8, 33</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,707)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,041)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest on borrowings, net and capitalized interest</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">12</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,924)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,986)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest paid, net</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,070</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,087 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restructuring, acquisition and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">11 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">439</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Program rights amortization</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(86)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(63)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in net operating assets and liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">33 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">592</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">876 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions paid by subsidiaries to non-controlling interests</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">28 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(133)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Post-employment benefit contributions, net of expense</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">27 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(75)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(82)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flows relating to other operating activities </span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">128</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">166 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other investment losses (income)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">13 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Free cash flow</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,356</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,045 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Available liquidity</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Available liquidity fluctuates based on business circumstances. We continually manage (including through monitoring our access to capital markets), and aim to have sufficient, available liquidity at all times to help protect our ability to meet all our commitments (operationally and for maturing debt obligations), to execute our business plan (including to acquire spectrum licences or consummate acquisitions), to mitigate the risk of economic downturns, and for other unforeseen circumstances. As at December 31, 2025 and 2024, we had sufficient liquidity available to us to meet this objective.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our total available liquidity from our cash and cash equivalents, bank credit facilities, letters of credit facilities, and short-term borrowings, including our receivables securitization program and our US dollar-denominated commercial paper (US CP) program.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our Canada Infrastructure Bank credit agreement (see note 25) is not included in available liquidity as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes. This year, we borrowed $71 million (2024 - $64 million) under this facility.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.188%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.863%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.863%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.863%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.868%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total sources</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Drawn</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Letters of credit</span></td><td colspan="3" style="display:none"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net available</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,344 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,344</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bank credit facilities </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revolving</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,260 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,135</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-revolving</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding letters of credit</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables securitization </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">400</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,349 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,415 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,879</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements.</span></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:23.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.764%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.890%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total sources</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Drawn</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Letters of credit</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US CP program</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 1</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net available</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">898 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">898 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bank credit facilities </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revolving</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">455 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,535 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-revolving</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding letters of credit</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables securitization </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total </span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,801 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,500 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">455 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,833 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">The US CP program amounts are gross of the discount on issuance.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our then outstanding US CP borrowings that were backstopped by our revolving credit facility.</span></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:70.930%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except ratios)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted net debt </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1,2</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">38,856</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43,330 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Divided by: trailing 12-month adjusted EBITDA</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,820</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,617 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt leverage ratio</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.0</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.5 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">For the purposes of calculating adjusted net debt, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As a result of closing the network transaction (see note 28), we have revised the calculation of free cash flow to deduct distributions paid to non-controlling interests to reflect the unavailability of this cash flow to repay debt or reinvest in our company.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.002%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.921%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.922%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted EBITDA</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">5</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,820</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,617 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deduct:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8, 33</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,707</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,041 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest on borrowings, net and capitalized interest</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">12</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,924</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,986 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash income taxes</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 2</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">700</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">545 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions paid by subsidiaries to non-controlling interests</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">28</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">133</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Free cash flow</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,356</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,045 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes additions to property, plant and equipment net of proceeds on disposition and accrued government grants, but does not include expenditures for spectrum licences or additions to right-of-use assets, or assets acquired through business combinations.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Cash income taxes are net of refunds received.</span></div><div style="padding-left:4.5pt;text-indent:-4.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.602%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.155%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.921%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.922%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash provided by operating activities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,059</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,680 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Add (deduct):</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8, 33</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,707)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,041)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest on borrowings, net and capitalized interest</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">12</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,924)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,986)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest paid, net</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,070</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,087 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restructuring, acquisition and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">11 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">439</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Program rights amortization</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(86)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(63)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in net operating assets and liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">33 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">592</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">876 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distributions paid by subsidiaries to non-controlling interests</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">28 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(133)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Post-employment benefit contributions, net of expense</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">27 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(75)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(82)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flows relating to other operating activities </span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">128</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">166 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other investment losses (income)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">13 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Free cash flow</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,356</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,045 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.188%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.863%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.863%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.863%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.868%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total sources</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Drawn</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Letters of credit</span></td><td colspan="3" style="display:none"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net available</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,344 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,344</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bank credit facilities </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revolving</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,260 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,135</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-revolving</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding letters of credit</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables securitization </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">400</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,349 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,415 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,879</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements.</span></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:23.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.764%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.890%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total sources</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Drawn</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Letters of credit</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US CP program</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 1</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net available</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">898 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">898 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bank credit facilities </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revolving</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">455 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,535 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-revolving</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding letters of credit</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables securitization </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total </span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,801 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,500 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">455 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,833 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">The US CP program amounts are gross of the discount on issuance.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our then outstanding US CP borrowings that were backstopped by our revolving credit facility.</span></div> 38856000000 43330000000 9820000000 9617000000 4.0 4.5 0.50 0.50 9820000000 9617000000 3707000000 4041000000 1924000000 1986000000 700000000 545000000 133000000 0 3356000000 3045000000 6059000000 5680000000 3707000000 4041000000 1924000000 1986000000 2070000000 2087000000 439000000 406000000 86000000 63000000 592000000 876000000 133000000 0 75000000 82000000 -128000000 -166000000 7000000 -2000000 3356000000 3045000000 71000000 64000000 1344000000 1344000000 4260000000 115000000 10000000 4135000000 2300000000 2300000000 0 45000000 45000000 0 2400000000 2000000000 400000000 10349000000 4415000000 55000000 5879000000 898000000 898000000 4000000000 10000000 455000000 3535000000 500000000 500000000 0 3000000 3000000 0 2400000000 2000000000 400000000 7801000000 2500000000 13000000 455000000 4833000000 SEGMENTED INFORMATION<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Reportable segments</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We determine our reportable segments based on, among other things, how our chief operating decision maker, the Chief Executive Officer and Chief Financial Officer of RCI, regularly review our operations and performance. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources, as they believe adjusted EBITDA reflects segment and consolidated profitability. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other expense (income); and income tax expense.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We follow the same accounting policies for our segments as those described in the notes to our consolidated financial statements. We account for transactions between reportable segments in the same way we account for transactions with external parties, but eliminate them on consolidation.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make significant judgments in determining our operating segments and in determining the appropriate allocation of shared costs between our segments. These are components that engage in business activities from which they may earn revenue and incur expenses, for which operating results are regularly reviewed by our chief operating decision maker to make decisions about resources to be allocated and assess component performance, and for which discrete financial information is available.</span></div><div><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">REPORTABLE SEGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our reportable segments are Wireless, Cable, and Media (see note 1). All three segments operate substantially in Canada. Corporate items and eliminations include our interests in businesses that are not reportable operating segments, corporate administrative functions, and eliminations of inter-segment revenue and costs. Effective July 2025, TSC was transferred from the Media segment to Corporate Items, consistent with changes to its management structure. Comparative results have been recast to reflect this change, with no impact on consolidated results. Segment results include items directly attributable to a segment as well as those that have been allocated on a reasonable basis.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">INFORMATION BY SEGMENT</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:42.208%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.764%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.934%"></td><td style="width:0.1%"></td></tr><tr style="height:8pt"><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Corporate items and eliminations</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated totals</span></td></tr><tr style="height:8pt"><td colspan="21" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,603 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,997 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">312 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,712</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from internal customers</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">112 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">291 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(471)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenue</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,715 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,868 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,288 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(159)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,712</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,351 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,283 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,047 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">211 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,892</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted EBITDA</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,585 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">241 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(370)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,820</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8, 9, 10</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,802</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restructuring, acquisition and other</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">11 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">439</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,043</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposition of data centres</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(69)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">13 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,021)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income before income tax expense</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,626</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,471 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,803 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">206 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">227 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,707</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">10</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,634 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,617 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,781 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20,032</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:42.208%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.764%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.373%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.934%"></td><td style="width:0.1%"></td></tr><tr style="height:8pt"><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Corporate items and eliminations</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consolidated totals</span></td></tr><tr style="height:8pt"><td colspan="21" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,528 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,801 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,973 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">302 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,604 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from internal customers</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">269 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(411)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenue</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,595 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,876 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,242 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(109)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,604 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,283 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,358 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,154 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">192 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,987 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjusted EBITDA</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,312 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,518 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(301)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,617 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8, 9, 10</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,616 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restructuring, acquisition and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">11 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,295 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">13 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income before income tax expense</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,306 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,596 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,939 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">259 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">247 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,041 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">10</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,634 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,677 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">969 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,280 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Reportable segments</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We determine our reportable segments based on, among other things, how our chief operating decision maker, the Chief Executive Officer and Chief Financial Officer of RCI, regularly review our operations and performance. They review adjusted EBITDA as the key measure of profit for the purpose of assessing performance of each segment and to make decisions about the allocation of resources, as they believe adjusted EBITDA reflects segment and consolidated profitability. Adjusted EBITDA is defined as income before depreciation and amortization; (gain) loss on disposition of property, plant and equipment; restructuring, acquisition and other; finance costs; other expense (income); and income tax expense.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We follow the same accounting policies for our segments as those described in the notes to our consolidated financial statements. We account for transactions between reportable segments in the same way we account for transactions with external parties, but eliminate them on consolidation.</span></div> 3 10603000000 7800000000 2997000000 312000000 21712000000 112000000 68000000 291000000 -471000000 0 10715000000 7868000000 3288000000 -159000000 21712000000 5351000000 3283000000 3047000000 211000000 11892000000 5364000000 4585000000 241000000 -370000000 9820000000 4802000000 439000000 2043000000 69000000 5021000000 7626000000 -1471000000 -1803000000 -206000000 -227000000 -3707000000 1634000000 13617000000 4781000000 0 20032000000 10528000000 7801000000 1973000000 302000000 20604000000 67000000 75000000 269000000 -411000000 0 10595000000 7876000000 2242000000 -109000000 20604000000 5283000000 3358000000 2154000000 192000000 10987000000 5312000000 4518000000 88000000 -301000000 9617000000 4616000000 406000000 2295000000 6000000 2306000000 -1596000000 -1939000000 -259000000 -247000000 -4041000000 1634000000 13677000000 969000000 0 16280000000 REVENUE<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Contracts with customers</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We record revenue from contracts with customers in accordance with the five steps in IFRS 15, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Revenue from contracts with customers</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, as follows:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.49pt">identify the contract with a customer;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.49pt">identify the performance obligations in the contract;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">3.</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.49pt">determine the transaction price, which is the total consideration provided by the customer;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4.</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.49pt">allocate the transaction price among the performance obligations in the contract based on their relative fair values; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">5.</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.49pt">recognize revenue when the relevant criteria are met for each performance obligation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Many of our products and services are sold in bundled arrangements (e.g. wireless devices and voice and data services). Items in these arrangements are accounted for as separate performance obligations if the item meets the definition of a distinct good or service. We also determine whether a customer can modify their contract within predefined terms such that we are not able to enforce the transaction price agreed to, but can only contractually enforce a lower amount. In situations such as these, we allocate revenue between performance obligations using the minimum enforceable rights and obligations and any excess amount is recognized as revenue as it is earned.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Revenue for each performance obligation is recognized either over time (e.g. services) or at a point in time (e.g. equipment). For performance obligations satisfied over time, revenue is recognized as the services are provided. These services are typically provided, and thus revenue is typically recognized, on a monthly basis. Revenue for performance obligations satisfied at a point in time is recognized when control of the item (or service) transfers to the customer. Typically, this is when the customer activates the goods (e.g. in the case of a wireless device) or has physical possession of the goods (e.g. other equipment).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Performance obligations from contracts with customers</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Timing of satisfaction of the performance obligation</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless airtime, data, and other services; television, telephony, Internet, and home monitoring services; network services; media subscriptions; and rental of equipment</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As the service is provided (usually monthly)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As the service is provided</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless devices and related equipment</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Upon activation or purchase by the end customer</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Installation services for Cable subscribers</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the services are performed</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Advertising and sponsorship</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the advertising or other material airs on our radio or television stations or is displayed on our properties</span></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of content to television stations for subscriptions from cable and satellite providers</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the services are delivered to cable and satellite providers' subscribers (usually monthly)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sports team home game admission and food and beverage</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the related games are played during the applicable sports season and when goods are sold</span></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from sports leagues, including broadcast rights, revenue sharing agreements, and other distributions where the league acts as an agent of ours</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">In the applicable period, when the amount is determinable</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Today's Shopping Choice and sports team merchandise</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the goods are transferred to the end customer</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Radio and television broadcast agreements</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the related programs are aired</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sublicensing of program rights</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Over the course of the applicable licence period</span></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We also recognize interest revenue on contracts containing significant financing components and on credit card receivables using the effective interest method in accordance with IFRS 9, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. We recognize revenue from distributions from league entities which distribute funds between member clubs in the applicable period when the amount is determinable.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Payment for Wireless and Cable monthly service fees is typically due 30 days after billing. Payment for Wireless and Cable equipment is typically due either upon receipt of the equipment or over the subsequent 24 months (when equipment is financed through our equipment financing plans). Holders of the Rogers Mastercard have the option to finance devices through Rogers Bank over 36-month or 48-month terms. Payment terms for typical Media performance obligations range from prepaid in advance to immediate (e.g. sporting game tickets) to 30 days (e.g. advertising contracts).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Contract assets and liabilities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We record a contract asset when we have provided goods and services to our customer but our right to related consideration for the performance obligation is conditional on satisfying other performance obligations. Contract assets primarily relate to our rights to consideration for the transfer of wireless devices. Our long-term contract assets are recognized in "other long-term assets" on our Consolidated Statements of Financial Position.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We record a contract liability when we receive payment from a customer in advance of providing goods and services. This includes subscriber deposits, deposits related to sporting game ticket sales, and amounts subscribers pay for services and subscriptions that will be provided in future periods. Our long-term contract liabilities are recognized in "other long-term liabilities" on our Consolidated Statements of Financial Position.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">A portion of our contract liabilities relates to discounts provided to customers on our device financing contracts. Due to the allocation of the transaction price to the performance obligations, the financing receivable we recognize is greater than the related equipment revenue. As a result, we recognize a contract liability simultaneously with the financing receivable and equipment revenue and subsequently reduce the contract liability on a monthly basis.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We account for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Deferred commission cost assets</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We defer, to the extent recoverable, the incremental costs we incur to obtain or fulfill a contract with a customer and amortize them over their expected period of benefit. These costs include certain commissions paid to internal and external representatives that we believe to be recoverable through the revenue earned from the related contracts. We therefore defer them as deferred commission cost assets in "other assets" and amortize them to "operating costs" over the pattern of the transfer of goods and services to the customer, which ranges from 12 to 90 months. Effective January 1, 2024, as a result of an increase in the customer lifecycle, we updated our amortization period for consumer Wireless and Cable commissions from 24 months to 32 months to better reflect the estimated economic lives of these relationships, which lowered amortization by approximately $115 million for the year ended December 31, 2024. Effective July 1, 2025, as a result of a further increase in customer lifecycle, we updated our amortization period for consumer Wireless commissions </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">from 32 months to 35 months, which lowered amortization by approximately $30 million for the year ended December 31, 2025.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use estimates in:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">determining the transaction price of our contracts, which requires estimating the amount of revenue we expect to be entitled to for delivering the performance obligations within a contract;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">determining the stand-alone selling price of performance obligations and the allocation of the transaction price between performance obligations; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">determining the appropriate amortization period of deferred commission cost assets, taking into account the expected pattern of benefits we will receive from the payment of commissions.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Determining the transaction price</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The transaction price is the amount of consideration that is enforceable and to which we expect to be entitled in exchange for the goods and services we have promised to our customer. We determine the transaction price by considering the terms of the contract and business practices that are customary within that particular line of business. Discounts, rebates, refunds, credits, price concessions, incentives, penalties, and other similar items are reflected in the transaction price at contract inception.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Determining the stand-alone selling price and the allocation of the transaction price</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The transaction price is allocated to performance obligations based on the relative stand-alone selling prices of the distinct goods or services in the contract. The best evidence of a stand-alone selling price is the observable price of a good or service when the entity sells that good or service separately in similar circumstances and to similar customers. If a stand-alone selling price is not directly observable, we estimate the stand-alone selling price taking into account reasonably available information relating to the market conditions, entity-specific factors, and the class of customer. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In determining the stand-alone selling price, we allocate revenue between performance obligations based on expected minimum enforceable amounts to which we are entitled. Any amounts above the minimum enforceable amounts are recognized as revenue as they are earned.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make significant judgments in determining whether a promise to deliver goods or services is considered distinct and in determining whether our residual value arrangements constitute revenue-generating arrangements or leases.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Distinct goods and services</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make judgments in determining whether a promise to deliver goods or services is considered distinct. We account for individual products and services separately if they are distinct (i.e. if a product or service is separately identifiable from other items in the bundled package and if the customer can benefit from it). The consideration is allocated between separate products and services in a bundle based on their stand-alone selling prices. For distinct items we do not sell separately, we estimate stand-alone selling prices using the adjusted market assessment approach.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Residual value arrangements</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under certain customer offers, we allow customers to defer a component of the device cost until contract termination. We use judgment in determining whether these arrangements constitute revenue-generating arrangements or leases. In making this determination, we use judgment to assess the extent of control over the devices that passes to our customer, including whether the customer has a significant economic incentive at contract inception to return the device at contract termination and to estimate the extent of device returns.</span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CONTRACT ASSETS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our contract assets from contracts with customers, net of an allowance for doubtful accounts, and the significant changes in those balances during the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:64.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.757%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">268</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">276 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions from new contracts with customers, net of terminations and renewals</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">190</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">173 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization of contract assets to accounts receivable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(205)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(181)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">253</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">268 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">151</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">171 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">253</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">268 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CONTRACT LIABILITIES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our contract liabilities from contracts with customers and the significant changes in those balances during the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,082</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,044 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract liabilities assumed</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">268</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue deferred in previous year and recognized as revenue in current year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,096)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(771)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net additions from contracts with customers</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,133</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">809 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,387</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,082 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,114</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">273</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">282 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,387</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,082 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DEFERRED COMMISSION COST ASSETS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the changes in the deferred commission cost assets recognized from the incremental costs incurred to obtain contracts with customers during the years ended December 31, 2025 and 2024. The deferred commission cost assets are presented within "other current assets" (when they will be amortized into operating costs within one year of the date of the financial statements) or "other long-term assets".</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:58.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">753</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">488 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions to deferred commission cost assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">711</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">640 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization recognized on deferred commission cost assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(514)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(375)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">950</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">753 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">417 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">450</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">336 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">950</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">753 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">UNSATISFIED PORTIONS OF PERFORMANCE OBLIGATIONS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below shows the revenue we expect to recognize in the future related to unsatisfied or partially satisfied performance obligations as at December 31, 2025. The unsatisfied portion of the transaction price of the performance obligations relates primarily to monthly services; we expect to recognize it substantially over the next <span style="-sec-ix-hidden:f-722">three</span> to five years.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:30.281%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.567%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> (In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Thereafter</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telecommunications service</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,786 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">241 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,103 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media services</span></div></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">375 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have elected to utilize the following practical expedients and not disclose:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the unsatisfied portions of performance obligations related to contracts with a duration of one year or less; or</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the unsatisfied portions of performance obligations where the revenue we recognize corresponds with the amount invoiced to the customer.</span></div><div><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DISAGGREGATION OF REVENUE</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:58.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,030</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,041 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equipment revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,573</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,487 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,603</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,528 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service revenue from internal customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total Wireless</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,715</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,595 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,765</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equipment revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,800</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,801 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service revenue from internal customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total Cable</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,868</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,876 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,997</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,973 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from internal customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">291</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">269 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total Media</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,288</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,242 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Corporate items</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">312</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">302 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from internal customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">42</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total Corporate items</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">354</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intercompany eliminations</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(513)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(434)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,712</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,604 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total service revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19,104</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,066 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total equipment revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,608</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,538 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenue</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,712</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,604 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Total revenue includes $241 million (2024 - $159 million) of other revenue recognized under IFRS 16 or IFRS 9, the majority of which reflects interest revenue earned on credit card receivables by Rogers Bank.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Contracts with customers</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We record revenue from contracts with customers in accordance with the five steps in IFRS 15, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Revenue from contracts with customers</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">, as follows:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.49pt">identify the contract with a customer;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.49pt">identify the performance obligations in the contract;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">3.</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.49pt">determine the transaction price, which is the total consideration provided by the customer;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">4.</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.49pt">allocate the transaction price among the performance obligations in the contract based on their relative fair values; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">5.</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:10.49pt">recognize revenue when the relevant criteria are met for each performance obligation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Many of our products and services are sold in bundled arrangements (e.g. wireless devices and voice and data services). Items in these arrangements are accounted for as separate performance obligations if the item meets the definition of a distinct good or service. We also determine whether a customer can modify their contract within predefined terms such that we are not able to enforce the transaction price agreed to, but can only contractually enforce a lower amount. In situations such as these, we allocate revenue between performance obligations using the minimum enforceable rights and obligations and any excess amount is recognized as revenue as it is earned.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Revenue for each performance obligation is recognized either over time (e.g. services) or at a point in time (e.g. equipment). For performance obligations satisfied over time, revenue is recognized as the services are provided. These services are typically provided, and thus revenue is typically recognized, on a monthly basis. Revenue for performance obligations satisfied at a point in time is recognized when control of the item (or service) transfers to the customer. Typically, this is when the customer activates the goods (e.g. in the case of a wireless device) or has physical possession of the goods (e.g. other equipment).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Performance obligations from contracts with customers</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Timing of satisfaction of the performance obligation</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless airtime, data, and other services; television, telephony, Internet, and home monitoring services; network services; media subscriptions; and rental of equipment</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As the service is provided (usually monthly)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As the service is provided</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless devices and related equipment</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Upon activation or purchase by the end customer</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Installation services for Cable subscribers</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the services are performed</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Advertising and sponsorship</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the advertising or other material airs on our radio or television stations or is displayed on our properties</span></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of content to television stations for subscriptions from cable and satellite providers</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the services are delivered to cable and satellite providers' subscribers (usually monthly)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sports team home game admission and food and beverage</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the related games are played during the applicable sports season and when goods are sold</span></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from sports leagues, including broadcast rights, revenue sharing agreements, and other distributions where the league acts as an agent of ours</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">In the applicable period, when the amount is determinable</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Today's Shopping Choice and sports team merchandise</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the goods are transferred to the end customer</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Radio and television broadcast agreements</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the related programs are aired</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sublicensing of program rights</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Over the course of the applicable licence period</span></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We also recognize interest revenue on contracts containing significant financing components and on credit card receivables using the effective interest method in accordance with IFRS 9, </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">. We recognize revenue from distributions from league entities which distribute funds between member clubs in the applicable period when the amount is determinable.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Payment for Wireless and Cable monthly service fees is typically due 30 days after billing. Payment for Wireless and Cable equipment is typically due either upon receipt of the equipment or over the subsequent 24 months (when equipment is financed through our equipment financing plans). Holders of the Rogers Mastercard have the option to finance devices through Rogers Bank over 36-month or 48-month terms. Payment terms for typical Media performance obligations range from prepaid in advance to immediate (e.g. sporting game tickets) to 30 days (e.g. advertising contracts).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Contract assets and liabilities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We record a contract asset when we have provided goods and services to our customer but our right to related consideration for the performance obligation is conditional on satisfying other performance obligations. Contract assets primarily relate to our rights to consideration for the transfer of wireless devices. Our long-term contract assets are recognized in "other long-term assets" on our Consolidated Statements of Financial Position.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We record a contract liability when we receive payment from a customer in advance of providing goods and services. This includes subscriber deposits, deposits related to sporting game ticket sales, and amounts subscribers pay for services and subscriptions that will be provided in future periods. Our long-term contract liabilities are recognized in "other long-term liabilities" on our Consolidated Statements of Financial Position.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">A portion of our contract liabilities relates to discounts provided to customers on our device financing contracts. Due to the allocation of the transaction price to the performance obligations, the financing receivable we recognize is greater than the related equipment revenue. As a result, we recognize a contract liability simultaneously with the financing receivable and equipment revenue and subsequently reduce the contract liability on a monthly basis.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We account for contract assets and liabilities on a contract-by-contract basis, with each contract presented as either a net contract asset or a net contract liability accordingly.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Deferred commission cost assets</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We defer, to the extent recoverable, the incremental costs we incur to obtain or fulfill a contract with a customer and amortize them over their expected period of benefit. These costs include certain commissions paid to internal and external representatives that we believe to be recoverable through the revenue earned from the related contracts. We therefore defer them as deferred commission cost assets in "other assets" and amortize them to "operating costs" over the pattern of the transfer of goods and services to the customer, which ranges from 12 to 90 months. Effective January 1, 2024, as a result of an increase in the customer lifecycle, we updated our amortization period for consumer Wireless and Cable commissions from 24 months to 32 months to better reflect the estimated economic lives of these relationships, which lowered amortization by approximately $115 million for the year ended December 31, 2024. Effective July 1, 2025, as a result of a further increase in customer lifecycle, we updated our amortization period for consumer Wireless commissions </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">from 32 months to 35 months, which lowered amortization by approximately $30 million for the year ended December 31, 2025.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below summarizes the nature of the various performance obligations in our contracts with customers and when we recognize performance on those obligations.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Performance obligations from contracts with customers</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Timing of satisfaction of the performance obligation</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless airtime, data, and other services; television, telephony, Internet, and home monitoring services; network services; media subscriptions; and rental of equipment</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As the service is provided (usually monthly)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Roaming, long-distance, and other optional or non-subscription services, and pay-per-use services</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As the service is provided</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless devices and related equipment</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Upon activation or purchase by the end customer</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Installation services for Cable subscribers</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the services are performed</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Advertising and sponsorship</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the advertising or other material airs on our radio or television stations or is displayed on our properties</span></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of content to television stations for subscriptions from cable and satellite providers</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the services are delivered to cable and satellite providers' subscribers (usually monthly)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sports team home game admission and food and beverage</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the related games are played during the applicable sports season and when goods are sold</span></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from sports leagues, including broadcast rights, revenue sharing agreements, and other distributions where the league acts as an agent of ours</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">In the applicable period, when the amount is determinable</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Today's Shopping Choice and sports team merchandise</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the goods are transferred to the end customer</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Radio and television broadcast agreements</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">When the related programs are aired</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sublicensing of program rights</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Over the course of the applicable licence period</span></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The table below shows the revenue we expect to recognize in the future related to unsatisfied or partially satisfied performance obligations as at December 31, 2025. The unsatisfied portion of the transaction price of the performance obligations relates primarily to monthly services; we expect to recognize it substantially over the next <span style="-sec-ix-hidden:f-722">three</span> to five years.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:30.281%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.567%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> (In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Thereafter</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telecommunications service</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,786 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">241 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,103 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media services</span></div></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">375 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> P30D P30D P24M P24M P36M P48M P30D P12M P90M P24M P24M P32M P32M -115000000 P32M P35M -30000000 <div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CONTRACT ASSETS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our contract assets from contracts with customers, net of an allowance for doubtful accounts, and the significant changes in those balances during the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:64.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.757%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">268</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">276 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions from new contracts with customers, net of terminations and renewals</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">190</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">173 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization of contract assets to accounts receivable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(205)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(181)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">253</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">268 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">151</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">171 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">253</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">268 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CONTRACT LIABILITIES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our contract liabilities from contracts with customers and the significant changes in those balances during the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,082</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,044 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract liabilities assumed</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">268</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue deferred in previous year and recognized as revenue in current year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,096)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(771)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net additions from contracts with customers</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,133</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">809 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,387</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,082 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,114</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">273</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">282 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,387</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,082 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 268000000 276000000 190000000 173000000 -205000000 -181000000 253000000 268000000 151000000 171000000 102000000 97000000 253000000 268000000 1082000000 1044000000 268000000 0 1096000000 771000000 1133000000 809000000 1387000000 1082000000 1114000000 800000000 273000000 282000000 1387000000 1082000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the changes in the deferred commission cost assets recognized from the incremental costs incurred to obtain contracts with customers during the years ended December 31, 2025 and 2024. The deferred commission cost assets are presented within "other current assets" (when they will be amortized into operating costs within one year of the date of the financial statements) or "other long-term assets".</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:58.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">753</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">488 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions to deferred commission cost assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">711</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">640 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization recognized on deferred commission cost assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(514)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(375)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">950</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">753 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">417 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">450</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">336 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">950</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">753 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 753000000 488000000 711000000 640000000 -514000000 -375000000 950000000 753000000 500000000 417000000 450000000 336000000 950000000 753000000 P5Y 2786000000 1000000000 76000000 241000000 4103000000 52000000 52000000 52000000 219000000 375000000 <div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DISAGGREGATION OF REVENUE</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:58.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,030</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,041 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equipment revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,573</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,487 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,603</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,528 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service revenue from internal customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total Wireless</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,715</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,595 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,765</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equipment revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,800</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,801 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service revenue from internal customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total Cable</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,868</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,876 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,997</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,973 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from internal customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">291</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">269 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total Media</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,288</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,242 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Corporate items</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from external customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">312</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">302 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from internal customers</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">42</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total Corporate items</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">354</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intercompany eliminations</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(513)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(434)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,712</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,604 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total service revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19,104</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,066 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total equipment revenue</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,608</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,538 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total revenue</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,712</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,604 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 8030000000 8041000000 2573000000 2487000000 10603000000 10528000000 112000000 67000000 10715000000 10595000000 7765000000 7750000000 35000000 51000000 7800000000 7801000000 68000000 75000000 7868000000 7876000000 2997000000 1973000000 291000000 269000000 3288000000 2242000000 312000000 302000000 42000000 23000000 354000000 325000000 -513000000 -434000000 21712000000 20604000000 19104000000 18066000000 2608000000 2538000000 21712000000 20604000000 241000000 159000000 OPERATING COSTS<div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:60.253%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.268%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.539%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.540%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cost of equipment sales</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,496</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,540 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Merchandise for resale</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">241</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">209 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goods and services purchased</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,564</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,930 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee salaries, benefits, and stock-based compensation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,591</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,308 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total operating costs</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,892</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,987 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:60.253%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.268%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.539%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.540%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cost of equipment sales</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,496</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,540 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Merchandise for resale</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">241</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">209 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goods and services purchased</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,564</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,930 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee salaries, benefits, and stock-based compensation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,591</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,308 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total operating costs</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,892</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,987 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 2496000000 2540000000 241000000 209000000 6564000000 5930000000 2591000000 2308000000 11892000000 10987000000 PROPERTY, PLANT AND EQUIPMENT<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following accounting policy applies to property, plant and equipment excluding right-of-use assets. Our accounting policy for right-of-use assets is included in note 9.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Recognition and measurement, including depreciation</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure property, plant and equipment upon initial recognition at cost and begin recognizing depreciation when the asset is ready for its intended use. Subsequently, property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cost includes expenditures (capital expenditures) that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">costs directly associated with bringing the assets to a working condition for their intended use, including the cost of materials and labour;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">expected costs of decommissioning the items and restoring the sites on which they are located (see note 24); and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">borrowing costs on qualifying assets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:</span></div><div style="margin-top:5pt;padding-left:13.5pt;padding-right:13.5pt;text-align:center;text-indent:-27pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:31.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.528%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Asset</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Basis</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Estimated useful life</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Buildings</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15 to 60 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cable and wireless network</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 40 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Computer equipment and software</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 to 10 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Customer premise equipment</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 6 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Leasehold improvements</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Over shorter of estimated useful life or lease term</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equipment and vehicles</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 20 years</span></div></td></tr></table></div><div style="padding-left:27pt;text-indent:-27pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We calculate gains and losses on the disposal of property, plant and equipment by comparing the proceeds from the disposal with the item's carrying amount and recognize the gain or loss in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We capitalize development expenditures if they meet the criteria for recognition as an asset and amortize them over their expected useful lives once the assets to which they relate are available for use. We expense research expenditures, maintenance costs, and training costs as incurred.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize government financial assistance related to property, plant and equipment as a reduction of the cost or carrying amount of the asset when there is reasonable assurance we will comply with the conditions of the assistance and the assistance will be received.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Impairment testing, including recognition and measurement of an impairment charge</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">See "Impairment Testing" in note 10 for our policies relating to impairment testing and the related recognition and measurement of impairment charges. The impairment policies for property, plant and equipment are similar to the impairment policies for intangible assets with finite useful lives.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Components of an item of property, plant and equipment may have different useful lives. We make significant estimates when determining depreciation rates and asset useful lives, which require taking into account company-specific factors, such as our past experience and expected use, and industry trends, such as technological advancements. We monitor and </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">review residual values, depreciation rates, and asset useful lives at least once a year and change them if they are different from our previous estimates. We recognize the effect of changes in estimates in net income prospectively.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use estimates to determine certain costs that are directly attributable to self-constructed assets. These estimates primarily include certain internal and external direct labour, overhead, and interest costs associated with the acquisition, construction, development, or betterment of our networks.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Furthermore, we use estimates as described in note 10 in determining the recoverable amount of property, plant and equipment.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make significant judgments in choosing methods for depreciating our property, plant and equipment that we believe most accurately represent the consumption of benefits derived from those assets and are most representative of the economic substance of the intended use of the underlying assets.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DETAILS OF PROPERTY, PLANT AND EQUIPMENT </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The tables below summarize our property, plant and equipment as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.368%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.008%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.163%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Land and<br/>buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Cable and<br/>wireless<br/>networks</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Computer<br/>equipment<br/>and software</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Customer<br/>premise<br/>equipment</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Leasehold<br/>improvements</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Equipment<br/>and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Construction<br/>in process</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total<br/>owned<br/>assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Right-of-</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">use assets</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(note 9)</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total<br/>property,<br/>plant and<br/>equipment</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,005 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">32,150 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,914 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3,205 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">843 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,527 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,734 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">50,378</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">4,047 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">54,425</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:13.5pt;text-indent:-7.51pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Additions and transfers from construction in process</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">45 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,916 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,256 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">365 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">21 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">139 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(879)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,863</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">882 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,745</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:13.5pt;text-indent:-7.51pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Acquisitions from business combinations (note 3)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">652 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">92 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">40 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">874</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">121 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">995</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(18)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(870)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(576)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(71)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(67)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(98)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,694)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(253)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,947)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,684</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">34,196</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">8,614</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,576</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">885</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,669</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,797</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">53,421</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,797</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">58,218</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">714 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">17,342 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,988 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,417 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">496 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,044 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">28,001</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,352 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">29,353</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,146 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">908 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">477 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">51 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">90 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,790</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">455 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,245</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(821)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(564)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(67)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(68)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(57)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,578)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(109)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,687)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">831</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">18,667</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">6,332</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,827</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">479</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,077</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">30,213</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,698</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">31,911</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,291 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">14,808 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,926 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">788 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">347 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">483 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,734 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">22,377</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,695 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">25,072</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,853</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">15,529</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,282</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">749</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">406</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">592</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,797</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">23,208</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,099</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">26,307</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.368%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.008%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.163%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Land and<br/>buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Cable and<br/>wireless<br/>networks</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Computer<br/>equipment<br/>and software</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Customer<br/>premise<br/>equipment</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Leasehold<br/>improvements</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Equipment<br/>and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Construction<br/>in process</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total<br/>owned<br/>assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Right-of-</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">use assets</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(note 9)</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total<br/>property,<br/>plant and<br/>equipment</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,447 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">30,499 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,931 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3,003 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">817 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,451 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,264 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">47,412</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3,744 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">51,156</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:13.5pt;text-indent:-7.51pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Additions and transfers from construction in process</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">296 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,466 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">425 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">285 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">37 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">121 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">470 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,100</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">649 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,749</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">262 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(815)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(442)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(83)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(45)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,134)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(346)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,480)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,005 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">32,150 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,914 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3,205 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">843 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,527 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,734 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">50,378</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">4,047 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">54,425</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">474 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,040 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,590 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,073 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">447 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,017 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">25,641</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">26,824</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">106 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,068 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">866 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">492 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">63 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,665</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">408 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,073</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">134 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(766)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(468)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(148)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(14)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(43)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,305)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(239)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,544)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">714 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">17,342 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,988 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,417 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">496 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,044 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">28,001</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,352 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">29,353</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">973 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">14,459 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,341 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">930 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">370 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">434 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,264 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">21,771</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,561 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">24,332</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,291 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">14,808 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,926 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">788 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">347 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">483 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,734 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">22,377</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,695 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">25,072</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During the year ended December 31, 2025, we recognized $73 million (2024 - $134 million) in network capital expenditure-related government grants and received $55 million (2024 - $59 million) in cash.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During 2025, we recognized capitalized interest on property, plant and equipment at a weighted average rate of approximately 4.8% (2024 - 4.2%).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Annually, we perform an analysis to identify fully depreciated assets that have been retired from active use. In 2025, this resulted in an adjustment to cost and accumulated depreciation of $1,230 million (2024 - $1,281 million). The disposals had nil impact on the Consolidated Statements of Income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Except for certain permitted liens (such as statutory rights of way, builder's liens, or tax liens), BNSI cannot grant or permit to exist any liens over its assets without the unanimous approval of its board and shareholders.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following accounting policy applies to property, plant and equipment excluding right-of-use assets. Our accounting policy for right-of-use assets is included in note 9.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Recognition and measurement, including depreciation</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure property, plant and equipment upon initial recognition at cost and begin recognizing depreciation when the asset is ready for its intended use. Subsequently, property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cost includes expenditures (capital expenditures) that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">costs directly associated with bringing the assets to a working condition for their intended use, including the cost of materials and labour;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">expected costs of decommissioning the items and restoring the sites on which they are located (see note 24); and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">borrowing costs on qualifying assets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We depreciate property, plant and equipment over its estimated useful life by charging depreciation expense to net income as follows:</span></div><div style="margin-top:5pt;padding-left:13.5pt;padding-right:13.5pt;text-align:center;text-indent:-27pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:31.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.439%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.528%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Asset</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Basis</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Estimated useful life</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Buildings</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15 to 60 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cable and wireless network</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 40 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Computer equipment and software</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4 to 10 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Customer premise equipment</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 6 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Leasehold improvements</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Straight-line</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Over shorter of estimated useful life or lease term</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equipment and vehicles</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Diminishing balance</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 20 years</span></div></td></tr></table></div><div style="padding-left:27pt;text-indent:-27pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We calculate gains and losses on the disposal of property, plant and equipment by comparing the proceeds from the disposal with the item's carrying amount and recognize the gain or loss in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We capitalize development expenditures if they meet the criteria for recognition as an asset and amortize them over their expected useful lives once the assets to which they relate are available for use. We expense research expenditures, maintenance costs, and training costs as incurred.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize government financial assistance related to property, plant and equipment as a reduction of the cost or carrying amount of the asset when there is reasonable assurance we will comply with the conditions of the assistance and the assistance will be received.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Impairment testing, including recognition and measurement of an impairment charge</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">See "Impairment Testing" in note 10 for our policies relating to impairment testing and the related recognition and measurement of impairment charges. The impairment policies for property, plant and equipment are similar to the impairment policies for intangible assets with finite useful lives.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Components of an item of property, plant and equipment may have different useful lives. We make significant estimates when determining depreciation rates and asset useful lives, which require taking into account company-specific factors, such as our past experience and expected use, and industry trends, such as technological advancements. We monitor and </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">review residual values, depreciation rates, and asset useful lives at least once a year and change them if they are different from our previous estimates. We recognize the effect of changes in estimates in net income prospectively.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use estimates to determine certain costs that are directly attributable to self-constructed assets. These estimates primarily include certain internal and external direct labour, overhead, and interest costs associated with the acquisition, construction, development, or betterment of our networks.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Furthermore, we use estimates as described in note 10 in determining the recoverable amount of property, plant and equipment.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make significant judgments in choosing methods for depreciating our property, plant and equipment that we believe most accurately represent the consumption of benefits derived from those assets and are most representative of the economic substance of the intended use of the underlying assets.</span></div> P15Y P60Y P3Y P40Y P4Y P10Y P3Y P6Y P3Y P20Y <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The tables below summarize our property, plant and equipment as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.368%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.008%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.163%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Land and<br/>buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Cable and<br/>wireless<br/>networks</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Computer<br/>equipment<br/>and software</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Customer<br/>premise<br/>equipment</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Leasehold<br/>improvements</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Equipment<br/>and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Construction<br/>in process</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total<br/>owned<br/>assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Right-of-</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">use assets</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(note 9)</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total<br/>property,<br/>plant and<br/>equipment</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,005 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">32,150 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,914 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3,205 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">843 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,527 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,734 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">50,378</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">4,047 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">54,425</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:13.5pt;text-indent:-7.51pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Additions and transfers from construction in process</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">45 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,916 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,256 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">365 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">21 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">139 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(879)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,863</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">882 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,745</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:13.5pt;text-indent:-7.51pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Acquisitions from business combinations (note 3)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">652 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">92 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">40 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">874</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">121 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">995</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(18)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(870)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(576)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(71)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(67)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(98)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,694)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(253)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,947)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,684</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">34,196</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">8,614</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,576</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">885</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,669</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,797</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">53,421</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,797</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">58,218</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">714 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">17,342 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,988 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,417 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">496 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,044 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">28,001</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,352 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">29,353</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,146 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">908 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">477 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">51 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">90 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,790</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">455 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,245</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(821)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(564)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(67)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(68)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(57)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,578)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(109)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,687)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">831</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">18,667</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">6,332</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,827</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">479</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,077</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">30,213</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,698</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">31,911</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,291 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">14,808 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,926 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">788 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">347 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">483 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,734 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">22,377</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,695 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">25,072</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,853</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">15,529</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,282</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">749</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">406</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">592</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,797</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">23,208</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,099</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">26,307</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.368%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.008%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.163%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Land and<br/>buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Cable and<br/>wireless<br/>networks</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Computer<br/>equipment<br/>and software</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Customer<br/>premise<br/>equipment</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Leasehold<br/>improvements</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Equipment<br/>and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Construction<br/>in process</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total<br/>owned<br/>assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Right-of-</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">use assets</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(note 9)</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total<br/>property,<br/>plant and<br/>equipment</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,447 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">30,499 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,931 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3,003 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">817 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,451 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,264 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">47,412</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3,744 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">51,156</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:13.5pt;text-indent:-7.51pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Additions and transfers from construction in process</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">296 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,466 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">425 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">285 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">37 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">121 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">470 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,100</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">649 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,749</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">262 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(815)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(442)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(83)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(45)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,134)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(346)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,480)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,005 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">32,150 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,914 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3,205 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">843 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,527 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,734 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">50,378</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">4,047 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">54,425</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">474 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,040 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,590 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,073 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">447 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,017 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">25,641</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">26,824</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">106 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,068 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">866 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">492 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">63 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,665</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">408 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,073</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">134 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(766)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(468)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(148)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(14)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(43)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,305)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(239)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(1,544)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">714 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">17,342 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,988 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,417 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">496 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,044 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">28,001</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,352 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">29,353</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">973 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">14,459 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,341 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">930 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">370 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">434 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,264 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">21,771</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,561 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">24,332</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,291 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">14,808 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,926 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">788 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">347 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">483 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,734 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">22,377</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,695 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">25,072</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> 2005000000 32150000000 7914000000 3205000000 843000000 1527000000 2734000000 50378000000 4047000000 54425000000 45000000 2916000000 1256000000 365000000 21000000 139000000 -879000000 3863000000 882000000 4745000000 652000000 0 20000000 0 92000000 70000000 40000000 874000000 121000000 995000000 18000000 870000000 576000000 -6000000 71000000 67000000 98000000 1694000000 253000000 1947000000 2684000000 34196000000 8614000000 3576000000 885000000 1669000000 1797000000 53421000000 4797000000 58218000000 -714000000 -17342000000 -5988000000 -2417000000 -496000000 -1044000000 0 -28001000000 -1352000000 -29353000000 118000000 2146000000 908000000 477000000 51000000 90000000 0 3790000000 455000000 4245000000 -1000000 -821000000 -564000000 -67000000 -68000000 -57000000 0 -1578000000 -109000000 -1687000000 -831000000 -18667000000 -6332000000 -2827000000 -479000000 -1077000000 0 -30213000000 -1698000000 -31911000000 1291000000 14808000000 1926000000 788000000 347000000 483000000 2734000000 22377000000 2695000000 25072000000 1853000000 15529000000 2282000000 749000000 406000000 592000000 1797000000 23208000000 3099000000 26307000000 1447000000 30499000000 7931000000 3003000000 817000000 1451000000 2264000000 47412000000 3744000000 51156000000 296000000 2466000000 425000000 285000000 37000000 121000000 470000000 4100000000 649000000 4749000000 -262000000 815000000 442000000 83000000 11000000 45000000 0 1134000000 346000000 1480000000 2005000000 32150000000 7914000000 3205000000 843000000 1527000000 2734000000 50378000000 4047000000 54425000000 -474000000 -16040000000 -5590000000 -2073000000 -447000000 -1017000000 0 -25641000000 -1183000000 -26824000000 106000000 2068000000 866000000 492000000 63000000 70000000 0 3665000000 408000000 4073000000 134000000 -766000000 -468000000 -148000000 -14000000 -43000000 0 -1305000000 -239000000 -1544000000 -714000000 -17342000000 -5988000000 -2417000000 -496000000 -1044000000 0 -28001000000 -1352000000 -29353000000 973000000 14459000000 2341000000 930000000 370000000 434000000 2264000000 21771000000 2561000000 24332000000 1291000000 14808000000 1926000000 788000000 347000000 483000000 2734000000 22377000000 2695000000 25072000000 73000000 134000000 55000000 59000000 0.048 0.042 1230000000 1281000000 LEASES <div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">At inception of a contract, we assess whether that contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the contract involves the use of an identified asset;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">we have the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">we have the right to direct the use of the asset.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">LESSEE ACCOUNTING</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We record a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, consisting of:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date; plus</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">any initial direct costs incurred; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">an estimate of costs to dismantle and remove the underlying asset or restore the site on which it is located; less</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">any lease incentives received.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The right-of-use asset is depreciated on a straight-line basis over the lease term, unless we expect to obtain ownership of the leased asset at the end of the lease. The lease term consists of:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the non-cancellable period of the lease;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">periods covered by options to extend the lease, where we are reasonably certain to exercise the option; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">periods covered by options to terminate the lease, where we are reasonably certain not to exercise the option.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">If we expect to obtain ownership of the leased asset at the end of the lease, we depreciate the right-of-use asset over the underlying asset's estimated useful life. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. We generally use our incremental borrowing rate as the interest rate implicit in our leases cannot be readily determined. The lease liability is subsequently measured at amortized cost using the effective interest rate method.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Lease payments included in the measurement of the lease liability include:</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">fixed payments, including in-substance fixed payments;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">variable lease payments that depend on an index or rate;</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">amounts expected to be payable under a residual value guarantee; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the exercise price under a purchase option that we are reasonably certain to exercise, lease payments in an optional renewal period if we are reasonably certain to exercise an extension option, and penalties for early termination of a lease unless we are reasonably certain not to terminate early.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, or if we change our assessment of whether or not we will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have elected not to separate fixed non-lease components and account for the lease and any fixed non-lease components as a single lease component.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable lease payments</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain leases contain provisions that result in differing lease payments over the term as a result of market rate reviews or changes in the Consumer Price Index (CPI) or other similar indices. We reassess the lease liabilities related to these leases when the index or other data is available to calculate the change in lease payments. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain leases require us to make payments that relate to property taxes, insurance, and other non-rental costs. These non-rental costs are typically variable and are not included in the calculation of the right-of-use asset or lease liability.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">LESSOR ACCOUNTING</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">When we act as a lessor, we determine at lease inception whether each lease is a finance lease or an operating lease. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In order to classify each lease as either finance or operating, we make an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If it does, the lease is a finance lease; if not, it is an operating lease. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We act as the lessor on certain collocation leases, whereby, due to certain regulatory requirements, we must allow other telecommunication companies to lease space on our wireless network towers. We do not believe we transfer substantially all of the risks and rewards incidental to ownership of the underlying leased asset to the lessee and therefore classify these leases as operating leases.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">If an arrangement contains both lease and non-lease components, we apply IFRS 15 to allocate the consideration in the contract between the lease and the non-lease components.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize lease payments received under operating leases into revenue on a straight-line basis.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We estimate the lease term by considering the facts and circumstances that can create an economic incentive to exercise an extension option, or not exercise a termination option. We make certain qualitative and quantitative assumptions when deriving the value of the economic incentive.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Lessee</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make judgments in determining whether a contract is or contains a lease, which involves assessing whether a contract contains an identified asset (either a physically distinct asset or a capacity portion that represents substantially all of the capacity of the asset). Additionally, the contract should provide us with the right to substantially all of the economic benefits from the use of the asset. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We also make judgments in determining whether we have the right to control the use of the identified asset. We have that right when we have the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, we have the right to direct the use of the asset if we have the right to operate the asset or if we designed the asset in a way that predetermines how and for what purpose the asset will be used.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make judgments in determining the incremental borrowing rate used to measure our lease liability for each lease contract, including an estimate of the asset-specific security impact. The incremental borrowing rate should reflect the interest that we would have to pay to borrow the funds necessary to obtain a similar asset at a similar term, with a similar security, in a similar economic environment.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain of our leases contain extension or renewal options that are exercisable only by us and not by the lessor. At lease commencement, we assess whether we are reasonably certain to exercise any of the extension options based on our expected economic return from the lease. We are typically reasonably certain of exercising extension options on our network leases, primarily due to the significant cost that would be required to relocate our network towers and related equipment. We reassess whether we are reasonably certain to exercise the options if there is a significant event or significant change in circumstance within our control and account for any changes at the date of the reassessment.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Lessor</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make judgments in determining whether a lease should be classified as an operating lease or a finance lease based on if the agreement transfers substantially all the risks and rewards incidental to ownership of the underlying asset.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DETAILS OF LEASES</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We primarily lease:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">land and buildings relating to our wireless and cable networks, our retail store presence, and certain of our offices and other corporate buildings;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">wireless and cable network collocations on or in structures owned by other entities and certain wireless network equipment;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">customer premise equipment; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the majority of our vehicle fleet.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The non-cancellable contract periods for our leases typically range from <span style="-sec-ix-hidden:f-1024">three</span> to twenty years.</span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">RIGHT-OF-USE ASSETS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The tables below summarize our right-of-use assets as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.916%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Land and<br/>buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable and wireless<br/>networks</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer premise<br/>equipment</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equipment<br/>and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total right-of use assets</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,142 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">956 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">810 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">139 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,047</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">329 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">285 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">882</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:13.5pt;text-indent:-7.51pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisitions from business combinations (note 3)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">121</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(47)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(171)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(253)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,544</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,150</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">924</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">179</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,797</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">788 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">330 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">161 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,352</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">185 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">137 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">455</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(87)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(109)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">967</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">434</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">211</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">86</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,698</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,354 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">626 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">649 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,695</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,577</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">716</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">713</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">93</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,099</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.916%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Land and<br/>buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable and wireless<br/>networks</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer premise<br/>equipment</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equipment<br/>and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total right-of use assets</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,082 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">900 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">655 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,744</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">187 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">301 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">649</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(127)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(62)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(146)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(346)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,142 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">956 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">810 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">139 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,047</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">727 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">284 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,183</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">157 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">108 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">119 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">408</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(96)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(62)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(76)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(239)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">788 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">330 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">161 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,352</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,355 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">616 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">537 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,561</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,354 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">626 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">649 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,695</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">LEASE LIABILITIES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Variable lease payments during 2025 were $29 million (2024 - $20 million).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the activity related to our lease liabilities for the year ended December 31, 2025. Certain of our lease liabilities are secured by the underlying right-of-use assets; the underlying right-of-use assets have a net carrying amount of $825 million as at December 31, 2025 (2024 - $715 million).</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:66.317%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.854%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.716%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,778</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,593 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net additions</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">771</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">656 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities acquired through the MLSE Transaction</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense on lease liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">12</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">147</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">137 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest payments on lease liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(123)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(130)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal payments of lease liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(559)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(478)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities, end of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,118</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,778 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">690</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">587 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,428</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,191 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,118</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,778 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">OTHER LEASE MATTERS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During the year ended December 31, 2025, we sold wireless network tower and wireline conduit assets under construction for $144 million (2024 - $50 million) to an entity that will complete construction and from which we will lease space on those assets once complete for terms of 3 years. Under certain circumstances, we have an ability, which becomes available in 2031, to purchase that entity (from which we currently lease space on these and other wireless network towers and wireline conduit). The purchase price will be based on the entity earning a certain rate of return considering our ongoing lease payments; we currently estimate the purchase price, if elected at the time, would be approximately $400 million.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">At inception of a contract, we assess whether that contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the contract involves the use of an identified asset;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">we have the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">we have the right to direct the use of the asset.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">LESSEE ACCOUNTING</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We record a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, consisting of:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date; plus</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">any initial direct costs incurred; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">an estimate of costs to dismantle and remove the underlying asset or restore the site on which it is located; less</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">any lease incentives received.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The right-of-use asset is depreciated on a straight-line basis over the lease term, unless we expect to obtain ownership of the leased asset at the end of the lease. The lease term consists of:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the non-cancellable period of the lease;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">periods covered by options to extend the lease, where we are reasonably certain to exercise the option; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">periods covered by options to terminate the lease, where we are reasonably certain not to exercise the option.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">If we expect to obtain ownership of the leased asset at the end of the lease, we depreciate the right-of-use asset over the underlying asset's estimated useful life. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. We generally use our incremental borrowing rate as the interest rate implicit in our leases cannot be readily determined. The lease liability is subsequently measured at amortized cost using the effective interest rate method.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Lease payments included in the measurement of the lease liability include:</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">fixed payments, including in-substance fixed payments;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">variable lease payments that depend on an index or rate;</span></div><div style="padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">amounts expected to be payable under a residual value guarantee; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the exercise price under a purchase option that we are reasonably certain to exercise, lease payments in an optional renewal period if we are reasonably certain to exercise an extension option, and penalties for early termination of a lease unless we are reasonably certain not to terminate early.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, or if we change our assessment of whether or not we will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. The lease liability is also remeasured when the underlying lease contract is amended.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have elected not to separate fixed non-lease components and account for the lease and any fixed non-lease components as a single lease component.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Variable lease payments</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain leases contain provisions that result in differing lease payments over the term as a result of market rate reviews or changes in the Consumer Price Index (CPI) or other similar indices. We reassess the lease liabilities related to these leases when the index or other data is available to calculate the change in lease payments. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain leases require us to make payments that relate to property taxes, insurance, and other non-rental costs. These non-rental costs are typically variable and are not included in the calculation of the right-of-use asset or lease liability.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">LESSOR ACCOUNTING</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">When we act as a lessor, we determine at lease inception whether each lease is a finance lease or an operating lease. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In order to classify each lease as either finance or operating, we make an overall assessment of whether the lease transfers to the lessee substantially all of the risks and rewards incidental to ownership of the underlying asset. If it does, the lease is a finance lease; if not, it is an operating lease. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We act as the lessor on certain collocation leases, whereby, due to certain regulatory requirements, we must allow other telecommunication companies to lease space on our wireless network towers. We do not believe we transfer substantially all of the risks and rewards incidental to ownership of the underlying leased asset to the lessee and therefore classify these leases as operating leases.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">If an arrangement contains both lease and non-lease components, we apply IFRS 15 to allocate the consideration in the contract between the lease and the non-lease components.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize lease payments received under operating leases into revenue on a straight-line basis.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We estimate the lease term by considering the facts and circumstances that can create an economic incentive to exercise an extension option, or not exercise a termination option. We make certain qualitative and quantitative assumptions when deriving the value of the economic incentive.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Lessee</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make judgments in determining whether a contract is or contains a lease, which involves assessing whether a contract contains an identified asset (either a physically distinct asset or a capacity portion that represents substantially all of the capacity of the asset). Additionally, the contract should provide us with the right to substantially all of the economic benefits from the use of the asset. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We also make judgments in determining whether we have the right to control the use of the identified asset. We have that right when we have the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decisions about how and for what purpose the asset is used are predetermined, we have the right to direct the use of the asset if we have the right to operate the asset or if we designed the asset in a way that predetermines how and for what purpose the asset will be used.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make judgments in determining the incremental borrowing rate used to measure our lease liability for each lease contract, including an estimate of the asset-specific security impact. The incremental borrowing rate should reflect the interest that we would have to pay to borrow the funds necessary to obtain a similar asset at a similar term, with a similar security, in a similar economic environment.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain of our leases contain extension or renewal options that are exercisable only by us and not by the lessor. At lease commencement, we assess whether we are reasonably certain to exercise any of the extension options based on our expected economic return from the lease. We are typically reasonably certain of exercising extension options on our network leases, primarily due to the significant cost that would be required to relocate our network towers and related equipment. We reassess whether we are reasonably certain to exercise the options if there is a significant event or significant change in circumstance within our control and account for any changes at the date of the reassessment.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Lessor</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make judgments in determining whether a lease should be classified as an operating lease or a finance lease based on if the agreement transfers substantially all the risks and rewards incidental to ownership of the underlying asset.</span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">LEASE LIABILITIES</span></div> P20Y <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The tables below summarize our right-of-use assets as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.916%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Land and<br/>buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable and wireless<br/>networks</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer premise<br/>equipment</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equipment<br/>and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total right-of use assets</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,142 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">956 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">810 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">139 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,047</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">329 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">285 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">882</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:13.5pt;text-indent:-7.51pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisitions from business combinations (note 3)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">121</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(47)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(171)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(253)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,544</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,150</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">924</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">179</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,797</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">788 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">330 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">161 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,352</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">185 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">137 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">455</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(87)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(109)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">967</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">434</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">211</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">86</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,698</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,354 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">626 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">649 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,695</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,577</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">716</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">713</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">93</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,099</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.915%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.916%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Land and<br/>buildings</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable and wireless<br/>networks</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer premise<br/>equipment</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equipment<br/>and vehicles</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total right-of use assets</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,082 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">900 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">655 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,744</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">187 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">301 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">649</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(127)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(62)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(146)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(346)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,142 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">956 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">810 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">139 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,047</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">727 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">284 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,183</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">157 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">108 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">119 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">408</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals and other</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(96)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(62)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(76)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(239)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">788 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">330 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">161 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,352</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,355 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">616 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">537 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,561</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,354 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">626 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">649 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,695</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div> 2142000000 956000000 810000000 139000000 4047000000 329000000 194000000 285000000 74000000 882000000 120000000 0 0 1000000 121000000 47000000 0 171000000 35000000 253000000 2544000000 1150000000 924000000 179000000 4797000000 -788000000 -330000000 -161000000 -73000000 -1352000000 185000000 103000000 137000000 30000000 455000000 -6000000 1000000 -87000000 -17000000 -109000000 -967000000 -434000000 -211000000 -86000000 -1698000000 1354000000 626000000 649000000 66000000 2695000000 1577000000 716000000 713000000 93000000 3099000000 2082000000 900000000 655000000 107000000 3744000000 187000000 118000000 301000000 43000000 649000000 127000000 62000000 146000000 11000000 346000000 2142000000 956000000 810000000 139000000 4047000000 -727000000 -284000000 -118000000 -54000000 -1183000000 157000000 108000000 119000000 24000000 408000000 -96000000 -62000000 -76000000 -5000000 -239000000 -788000000 -330000000 -161000000 -73000000 -1352000000 1355000000 616000000 537000000 53000000 2561000000 1354000000 626000000 649000000 66000000 2695000000 29000000 20000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the activity related to our lease liabilities for the year ended December 31, 2025. Certain of our lease liabilities are secured by the underlying right-of-use assets; the underlying right-of-use assets have a net carrying amount of $825 million as at December 31, 2025 (2024 - $715 million).</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:66.317%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.854%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.716%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,778</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,593 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net additions</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">771</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">656 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities acquired through the MLSE Transaction</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expense on lease liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">12</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">147</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">137 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest payments on lease liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(123)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(130)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal payments of lease liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(559)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(478)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities, end of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,118</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,778 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">690</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">587 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term liability</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,428</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,191 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,118</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,778 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 825000000 715000000 2778000000 2593000000 771000000 656000000 104000000 0 147000000 137000000 123000000 130000000 559000000 478000000 3118000000 2778000000 690000000 587000000 2428000000 2191000000 3118000000 2778000000 144000000 50000000 P3Y 400000000 INTANGIBLE ASSETS AND GOODWILL<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">RECOGNITION AND MEASUREMENT, INCLUDING AMORTIZATION</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Upon initial recognition, we measure intangible assets at cost unless they are acquired through a business combination, in which case they are measured at fair value. We begin amortizing intangible assets with finite useful lives when the asset is ready for its intended use. Subsequently, the asset is carried at cost less accumulated amortization and accumulated impairment losses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of a separately acquired intangible asset comprises:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">any directly attributable cost of preparing the asset for its intended use. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Indefinite useful lives</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We do not amortize intangible assets with indefinite lives, including spectrum licences, franchise rights, broadcast licences, the Rogers and Fido brand names, and the trademarks of the Toronto Maple Leafs, the Toronto Raptors, and Toronto FC.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Finite useful lives</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We amortize intangible assets with finite useful lives, other than acquired program rights, into "depreciation and amortization" on the Consolidated Statements of Income on a straight-line basis over their estimated useful lives as noted in the table below. We monitor and review the useful lives, residual values, and amortization methods at least once per year and change them if they are different from our previous estimates. We recognize the effects of changes in estimates in net income prospectively.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Intangible asset</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Estimated useful life</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 20 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ticket holder and sponsor relationships</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25 to 30 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Brand names</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 10 years</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other intangible assets</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15 to 20 years</span></div></td></tr></table></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Acquired program rights</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Program rights are contractual rights we acquire from third parties to broadcast programs, including rights to broadcast live sporting events. We recognize them at cost less accumulated amortization and accumulated impairment losses. We capitalize "program rights" on the Consolidated Statements of Financial Position when the licence period begins and the program is available for use and amortize them to other external purchases in "operating costs" on the Consolidated Statements of Income over the expected exhibition period. If we have no intention to air programs, we consider the related program rights impaired and write them off. Otherwise, we test them for impairment as intangible assets with finite useful lives.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The costs for multi-year sports and television broadcast rights agreements are recognized in operating costs during the applicable seasons based on the pattern in which the programming is aired or rights are expected to be consumed. To the extent that prepayments are made at the commencement of a multi-year contract towards future years' rights fees, these prepayments are recognized as intangible assets and amortized to operating expenses over the contract term. To the extent that prepayments are made for annual contractual fees within a season, they are included in "other current assets" on our Consolidated Statements of Financial Position, as the rights will be consumed within one year of the date of the financial statements.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Goodwill</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize goodwill arising from business combinations when the fair value of the separately identifiable assets we acquired and liabilities we assumed is lower than the consideration we paid (including the recognized amount of the non-controlling interest, if any). If the fair value of the consideration transferred is lower than that of the separately identified assets and liabilities, we immediately recognize the difference as a gain in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">IMPAIRMENT TESTING</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We test intangible assets with finite useful lives for impairment whenever an event or change in circumstances indicates that their carrying amounts may not be recoverable. We test indefinite-life intangible assets and goodwill for impairment annually as at October 1, or more frequently if we identify indicators of impairment. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">If we cannot estimate the recoverable amount of an individual intangible asset because it does not generate independent cash inflows, we test the entire cash-generating unit (CGU) to which it belongs for impairment.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Goodwill is allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which cannot be higher than an operating segment. The allocation of goodwill is made to CGUs (or groups of CGUs) that are expected to benefit from the synergies and future growth of the business combinations from which the goodwill arose.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Recognition and measurement of an impairment charge</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">An intangible asset or goodwill is impaired if the recoverable amount is less than the carrying amount. The recoverable amount of a CGU, group of CGUs, or asset is the higher of its:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">fair value less costs of disposal; and </span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">value in use.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">If our estimate of the asset's or CGU's recoverable amount is less than its carrying amount, we reduce its carrying amount to the recoverable amount and recognize the loss in net income immediately. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We reverse a previously recognized impairment loss, except in respect of goodwill, if our estimate of the recoverable amount of a previously impaired asset or CGU has increased such that the impairment recognized in a previous year has reversed. The reversal is recognized by increasing the asset's or CGU's carrying amount to our new estimate of its recoverable amount. The carrying amount of the asset or CGU subsequent to the reversal cannot be greater than its carrying amount had we not recognized an impairment loss in previous years. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use estimates in determining the recoverable amount of long-lived assets. The determination of the recoverable amount for the purpose of impairment testing requires the use of significant estimates, such as:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">future cash flows;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">terminal growth rates;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">discount rates; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">when recoverable amount is based on fair value less costs of disposal, market information such as:</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">revenue or profit multiples; and</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">precedent transactions in the relevant industry.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We estimate value in use for impairment tests by discounting estimated future cash flows to their present value. We estimate the discounted future cash flows for periods of up to five years, depending on the CGU, and a terminal value. The future cash flows are based on our estimates and expected future operating results of the CGU after considering economic conditions and a general outlook for the CGU's industry. Our discount rates consider market rates of return, debt to equity ratios, and certain risk premiums, among other things. The terminal value is the value attributed to the CGU's operations </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">beyond the projected time period of the cash flows using a perpetuity rate based on expected economic conditions and a general outlook for the industry. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We determine fair value less costs of disposal in one of the following two ways: </span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">analyzing discounted cash flows - we estimate the discounted future cash flows for five-year periods and a terminal value, similar to the value in use methodology described above, while applying assumptions consistent with those a market participant would make. Future cash flows are based on our estimates of expected future operating results of the CGU. Our estimates of future cash flows, terminal values, and discount rates consider similar factors to those described above for value in use estimates; or </span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">using a market approach - we estimate the recoverable amount of the CGU using multiples of operating performance of comparable entities and precedent transactions in that industry. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make certain assumptions when deriving expected future cash flows, which may include assumptions pertaining to discount and terminal growth rates. These assumptions may differ or change quickly depending on economic conditions or other events. It is therefore possible that future changes in assumptions may negatively affect future valuations of CGUs and goodwill, which could result in impairment losses. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make significant judgments that affect the measurement of our intangible assets and goodwill.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Judgment is applied when deciding to designate certain assets as having indefinite useful lives. For our spectrum and broadcast licences, we believe the licences are likely to be renewed for the foreseeable future such that there is no limit to the period over which these assets are expected to generate net cash inflows. All our franchise rights, brand names with indefinite lives, and trademarks have been acquired through business combinations and we believe each has sufficient prestige and renown such that there is no limit to the period over which these assets are expected to generate net cash inflows. We make judgments to determine that these assets have indefinite lives, analyzing all relevant factors, including the expected usage of the asset, the typical life cycle of the asset, and anticipated changes in the market demand for the products and services the asset helps generate. After review of the competitive, legal, regulatory, and other factors, it is our view that these factors do not limit the useful lives of our spectrum and broadcast licenses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Judgment is also applied in choosing methods of amortizing our intangible assets and program rights that we believe most accurately represent the consumption of those assets and are most representative of the economic substance of the intended use of the underlying assets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Finally, we make judgments in determining CGUs and the allocation of goodwill to CGUs or groups of CGUs for the purpose of impairment testing. For example, in Media, we have determined that goodwill is monitored and should be tested for impairment at the Media segment level as a whole, rather than at the underlying business by business level, based on the interdependencies across Media and how it sells and goes to market.</span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DETAILS OF INTANGIBLE ASSETS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The tables below summarize our intangible assets as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:15.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.458%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.854%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.356%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.564%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="12" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Indefinite-life</span></td><td colspan="15" style="border-left:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Finite-life</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Spectrum</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">licences</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Franchise rights</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Broadcast</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">licences</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Brand names and trademarks</span></div></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Customer</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">relationships</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Ticket holder and sponsor relationships</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Acquired program rights</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Brand names</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Other</span></div></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total intangible assets and goodwill</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12,197 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">325 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">420 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,612 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">200 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">97 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">52 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,903</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,501 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">37,404</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-7.51pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Accumulated impairment losses</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(109)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(14)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(128)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(221)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(349)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-7.51pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Cost, net of impairment losses</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12,197 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">216 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">406 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,612 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">195 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">97 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">52 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,775</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">37,055</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">93 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">105</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">105</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">  Acquisitions from business combinations (note 3)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">9,830 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">363 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">21 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">11,578</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3,812 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">15,390</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(104)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(62)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(166)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(60)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(226)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">12,197</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">9,830</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">216</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,770</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">7,508</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">363</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">226</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">85</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">32,292</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,032</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">52,324</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Accumulated amortization</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">270 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,538 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">60 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">44 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,917</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,917</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Amortization </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">518 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">86 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">27 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">643</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">643</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(106)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(60)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(166)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(166)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">270</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,950</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">86</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">71</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">10</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,394</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,394</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12,197 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">216 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">136 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,074 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">135 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">53 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">47 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">17,858</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">34,138</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">12,197</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">9,830</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">216</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,558</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">356</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">140</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">26</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">75</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">28,898</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,032</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">48,930</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes disposals, impairments, reclassifications, and other adjustments.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Of the $643 million of total amortization, $86 million related to acquired program rights is included in other external purchases in "operating costs" (see note 7), and $557 million in "depreciation and amortization" on the Consolidated Statements of Income.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:20.972%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.707%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.707%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.707%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.458%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.564%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Indefinite-life</span></td><td colspan="12" style="border-left:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Finite-life</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Spectrum licences</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Broadcast licences</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Brand names</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Acquired program rights</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Brand names</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Other</span></div></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total intangible assets and goodwill</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">11,717 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">330 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">420 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,604 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">200 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">75 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">52 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,398</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,501 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">36,899</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-7.51pt;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Accumulated impairment losses</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(99)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(14)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(118)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(221)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(339)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-7.51pt;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Cost, net of impairment losses</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">11,717 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">231 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">406 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,604 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">195 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">75 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">52 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,280</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">36,560</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">480 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">8 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">72 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">582</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">582</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(15)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(72)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(87)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(87)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12,197 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">216 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">406 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,612 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">195 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">97 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">52 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,775</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">37,055</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Accumulated amortization</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">270 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,025 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">68 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,384</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,384</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Amortization </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">513 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">62 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">603</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">603</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(70)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(70)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(70)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">270 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,538 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">60 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">44 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,917</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,917</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">11,717 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">231 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">136 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,579 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">127 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">56 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">17,896</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">34,176</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12,197 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">216 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">136 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,074 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">135 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">53 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">47 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">17,858</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">34,138</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes disposals, impairments, reclassifications, and other adjustments.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Of the $603 million of total amortization, $62 million related to acquired program rights is included in other external purchases in "operating costs" (see note 7), and $541 million in "depreciation and amortization" on the Consolidated Statements of Income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Franchise rights reflect the July 1, 2025 estimated fair values of the Toronto Maple Leafs ($3,270 million), Toronto Raptors ($5,740 million), and Toronto FC ($820 million) franchises. Indefinite-life brand names and trademarks include the July 1, 2025 estimated fair values of the Toronto Maple Leafs ($890 million) and Toronto Raptors ($440 million) trademarks.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ANNUAL IMPAIRMENT TESTING</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">For purposes of testing goodwill for impairment, our CGUs, or groups of CGUs, significantly correspond to our reportable segments as disclosed in note 5. Our Cable reportable segment as disclosed in note 5 is composed of our Cable CGU and our Satellite CGU.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is an overview of the methods and key assumptions we used in 2025, as of October 1, to determine recoverable amounts for CGUs, or groups of CGUs, with indefinite-life intangible assets or goodwill that we consider significant.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:10.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.173%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.362%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.566%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except periods used and rates)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value of goodwill</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value of indefinite-life intangible assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Recoverable amount method</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Period of projected cash flows (years)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terminal growth rates (%)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pre-tax discount rates (%)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,634 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,331 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Value in use</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.9 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,533 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Value in use</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media group</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,781 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,410 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value less costs of disposal</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.9 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Leafs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,160 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value less costs of disposal</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Raptors</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,180 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value less costs of disposal</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TFC</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">854 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value less costs of disposal</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    The carrying value of indefinite-life intangible assets for Media includes the carrying values of the Leafs, Raptors, and TFC indefinite-life intangible assets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our fair value measurements for the Leafs, Raptors, and TFC CGUs are classified as Level 2 in the fair value hierarchy. Our fair value measurement for the Media group is classified as Level 3.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Given the unique nature of our Media group, Leafs, Raptors, and TFC CGUs, the determination of fair value for these CGUs is not exclusively cash-flow-based and instead considers market revenue multiples and precedent team transactions in each of the leagues, including league expansions, as applicable.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We did not recognize an impairment charge related to our goodwill or intangible assets during the year ended December 31, 2025 because the recoverable amounts of the CGUs, or groups of CGUs, exceeded their carrying values. During the year ended December 31, 2024, we recognized $15 million in restructuring, acquisition and other related to an impairment of the broadcast licences in our Radio CGU (part of our Media group) as a result of the continued decline in the advertising market and a corresponding decline in the CGU's recoverable amount.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">RECOGNITION AND MEASUREMENT, INCLUDING AMORTIZATION</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Upon initial recognition, we measure intangible assets at cost unless they are acquired through a business combination, in which case they are measured at fair value. We begin amortizing intangible assets with finite useful lives when the asset is ready for its intended use. Subsequently, the asset is carried at cost less accumulated amortization and accumulated impairment losses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of a separately acquired intangible asset comprises:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">any directly attributable cost of preparing the asset for its intended use. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Indefinite useful lives</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We do not amortize intangible assets with indefinite lives, including spectrum licences, franchise rights, broadcast licences, the Rogers and Fido brand names, and the trademarks of the Toronto Maple Leafs, the Toronto Raptors, and Toronto FC.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Finite useful lives</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We amortize intangible assets with finite useful lives, other than acquired program rights, into "depreciation and amortization" on the Consolidated Statements of Income on a straight-line basis over their estimated useful lives as noted in the table below. We monitor and review the useful lives, residual values, and amortization methods at least once per year and change them if they are different from our previous estimates. We recognize the effects of changes in estimates in net income prospectively.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Intangible asset</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Estimated useful life</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 20 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ticket holder and sponsor relationships</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25 to 30 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Brand names</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 10 years</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other intangible assets</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15 to 20 years</span></div></td></tr></table></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Acquired program rights</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Program rights are contractual rights we acquire from third parties to broadcast programs, including rights to broadcast live sporting events. We recognize them at cost less accumulated amortization and accumulated impairment losses. We capitalize "program rights" on the Consolidated Statements of Financial Position when the licence period begins and the program is available for use and amortize them to other external purchases in "operating costs" on the Consolidated Statements of Income over the expected exhibition period. If we have no intention to air programs, we consider the related program rights impaired and write them off. Otherwise, we test them for impairment as intangible assets with finite useful lives.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The costs for multi-year sports and television broadcast rights agreements are recognized in operating costs during the applicable seasons based on the pattern in which the programming is aired or rights are expected to be consumed. To the extent that prepayments are made at the commencement of a multi-year contract towards future years' rights fees, these prepayments are recognized as intangible assets and amortized to operating expenses over the contract term. To the extent that prepayments are made for annual contractual fees within a season, they are included in "other current assets" on our Consolidated Statements of Financial Position, as the rights will be consumed within one year of the date of the financial statements.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Goodwill</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize goodwill arising from business combinations when the fair value of the separately identifiable assets we acquired and liabilities we assumed is lower than the consideration we paid (including the recognized amount of the non-controlling interest, if any). If the fair value of the consideration transferred is lower than that of the separately identified assets and liabilities, we immediately recognize the difference as a gain in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">IMPAIRMENT TESTING</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We test intangible assets with finite useful lives for impairment whenever an event or change in circumstances indicates that their carrying amounts may not be recoverable. We test indefinite-life intangible assets and goodwill for impairment annually as at October 1, or more frequently if we identify indicators of impairment. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">If we cannot estimate the recoverable amount of an individual intangible asset because it does not generate independent cash inflows, we test the entire cash-generating unit (CGU) to which it belongs for impairment.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Goodwill is allocated to CGUs (or groups of CGUs) based on the level at which management monitors goodwill, which cannot be higher than an operating segment. The allocation of goodwill is made to CGUs (or groups of CGUs) that are expected to benefit from the synergies and future growth of the business combinations from which the goodwill arose.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Recognition and measurement of an impairment charge</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">An intangible asset or goodwill is impaired if the recoverable amount is less than the carrying amount. The recoverable amount of a CGU, group of CGUs, or asset is the higher of its:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">fair value less costs of disposal; and </span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">value in use.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">If our estimate of the asset's or CGU's recoverable amount is less than its carrying amount, we reduce its carrying amount to the recoverable amount and recognize the loss in net income immediately. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We reverse a previously recognized impairment loss, except in respect of goodwill, if our estimate of the recoverable amount of a previously impaired asset or CGU has increased such that the impairment recognized in a previous year has reversed. The reversal is recognized by increasing the asset's or CGU's carrying amount to our new estimate of its recoverable amount. The carrying amount of the asset or CGU subsequent to the reversal cannot be greater than its carrying amount had we not recognized an impairment loss in previous years. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use estimates in determining the recoverable amount of long-lived assets. The determination of the recoverable amount for the purpose of impairment testing requires the use of significant estimates, such as:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">future cash flows;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">terminal growth rates;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">discount rates; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">when recoverable amount is based on fair value less costs of disposal, market information such as:</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">revenue or profit multiples; and</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">precedent transactions in the relevant industry.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We estimate value in use for impairment tests by discounting estimated future cash flows to their present value. We estimate the discounted future cash flows for periods of up to five years, depending on the CGU, and a terminal value. The future cash flows are based on our estimates and expected future operating results of the CGU after considering economic conditions and a general outlook for the CGU's industry. Our discount rates consider market rates of return, debt to equity ratios, and certain risk premiums, among other things. The terminal value is the value attributed to the CGU's operations </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">beyond the projected time period of the cash flows using a perpetuity rate based on expected economic conditions and a general outlook for the industry. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We determine fair value less costs of disposal in one of the following two ways: </span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">analyzing discounted cash flows - we estimate the discounted future cash flows for five-year periods and a terminal value, similar to the value in use methodology described above, while applying assumptions consistent with those a market participant would make. Future cash flows are based on our estimates of expected future operating results of the CGU. Our estimates of future cash flows, terminal values, and discount rates consider similar factors to those described above for value in use estimates; or </span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">using a market approach - we estimate the recoverable amount of the CGU using multiples of operating performance of comparable entities and precedent transactions in that industry. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make certain assumptions when deriving expected future cash flows, which may include assumptions pertaining to discount and terminal growth rates. These assumptions may differ or change quickly depending on economic conditions or other events. It is therefore possible that future changes in assumptions may negatively affect future valuations of CGUs and goodwill, which could result in impairment losses. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make significant judgments that affect the measurement of our intangible assets and goodwill.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Judgment is applied when deciding to designate certain assets as having indefinite useful lives. For our spectrum and broadcast licences, we believe the licences are likely to be renewed for the foreseeable future such that there is no limit to the period over which these assets are expected to generate net cash inflows. All our franchise rights, brand names with indefinite lives, and trademarks have been acquired through business combinations and we believe each has sufficient prestige and renown such that there is no limit to the period over which these assets are expected to generate net cash inflows. We make judgments to determine that these assets have indefinite lives, analyzing all relevant factors, including the expected usage of the asset, the typical life cycle of the asset, and anticipated changes in the market demand for the products and services the asset helps generate. After review of the competitive, legal, regulatory, and other factors, it is our view that these factors do not limit the useful lives of our spectrum and broadcast licenses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Judgment is also applied in choosing methods of amortizing our intangible assets and program rights that we believe most accurately represent the consumption of those assets and are most representative of the economic substance of the intended use of the underlying assets.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Finally, we make judgments in determining CGUs and the allocation of goodwill to CGUs or groups of CGUs for the purpose of impairment testing. For example, in Media, we have determined that goodwill is monitored and should be tested for impairment at the Media segment level as a whole, rather than at the underlying business by business level, based on the interdependencies across Media and how it sells and goes to market.</span></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Intangible asset</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Estimated useful life</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 20 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Ticket holder and sponsor relationships</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">25 to 30 years</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Brand names</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3 to 10 years</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other intangible assets</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">15 to 20 years</span></div></td></tr></table></div> P3Y P20Y P25Y P30Y P3Y P10Y P15Y P20Y <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The tables below summarize our intangible assets as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:15.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.957%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.758%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.458%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.854%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.356%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.564%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="12" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Indefinite-life</span></td><td colspan="15" style="border-left:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Finite-life</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Spectrum</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">licences</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Franchise rights</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Broadcast</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">licences</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Brand names and trademarks</span></div></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Customer</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">relationships</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Ticket holder and sponsor relationships</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Acquired program rights</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Brand names</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Other</span></div></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total intangible assets and goodwill</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12,197 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">325 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">420 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,612 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">200 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">97 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">52 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,903</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,501 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">37,404</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-7.51pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Accumulated impairment losses</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(109)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(14)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(128)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(221)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(349)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-7.51pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Cost, net of impairment losses</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12,197 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">216 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">406 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,612 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">195 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">97 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">52 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,775</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">37,055</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">93 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">105</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">105</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">  Acquisitions from business combinations (note 3)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">9,830 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">1,364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">363 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">21 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">11,578</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3,812 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">15,390</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(104)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(62)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(166)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(60)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(226)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">12,197</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">9,830</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">216</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,770</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">7,508</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">363</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">226</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">85</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">32,292</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,032</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">52,324</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Accumulated amortization</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">270 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,538 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">60 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">44 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,917</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,917</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Amortization </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">518 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">86 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">27 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">643</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">643</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(106)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(60)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(166)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(166)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">270</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,950</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">86</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">71</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">10</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,394</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">3,394</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12,197 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">216 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">136 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,074 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">135 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">53 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">47 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">17,858</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">34,138</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">As at December 31, 2025</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">12,197</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">9,830</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">216</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">1,500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">4,558</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">356</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">140</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">26</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">75</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">28,898</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,032</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">48,930</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes disposals, impairments, reclassifications, and other adjustments.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Of the $643 million of total amortization, $86 million related to acquired program rights is included in other external purchases in "operating costs" (see note 7), and $557 million in "depreciation and amortization" on the Consolidated Statements of Income.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:20.972%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.707%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.707%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.707%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.458%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.557%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.564%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Indefinite-life</span></td><td colspan="12" style="border-left:0.5pt solid #000;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Finite-life</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Spectrum licences</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Broadcast licences</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Brand names</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Acquired program rights</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Brand names</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Other</span></div></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">Total intangible assets and goodwill</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Cost</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">11,717 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">330 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">420 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,604 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">200 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">75 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">52 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,398</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,501 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">36,899</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-7.51pt;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Accumulated impairment losses</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(99)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(14)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(118)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(221)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(339)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 14.5pt;text-align:left;text-indent:-7.51pt;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Cost, net of impairment losses</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">11,717 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">231 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">406 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,604 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">195 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">75 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">52 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,280</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">36,560</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">480 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">8 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">72 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">582</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">582</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(15)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(72)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(87)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(87)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12,197 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">216 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">406 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">7,612 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">195 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">97 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">52 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">20,775</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">37,055</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Accumulated amortization</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">270 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,025 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">68 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,384</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,384</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Amortization </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">513 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">62 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">603</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">603</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">Disposals and other </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.22pt;font-weight:400;line-height:100%;position:relative;top:-2.27pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">(70)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(70)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">(70)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">270 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">2,538 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">60 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">44 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,917</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">2,917</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:9pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-style:italic;font-weight:400;line-height:100%">Net carrying amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">11,717 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">231 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">136 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,579 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">127 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">56 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">17,896</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">34,176</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">12,197 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">216 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">136 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">5,074 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">135 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">53 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">47 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">17,858</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%">16,280 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%">34,138</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes disposals, impairments, reclassifications, and other adjustments.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Of the $603 million of total amortization, $62 million related to acquired program rights is included in other external purchases in "operating costs" (see note 7), and $541 million in "depreciation and amortization" on the Consolidated Statements of Income.</span></div> 12197000000 0 325000000 420000000 7612000000 0 200000000 97000000 52000000 20903000000 16501000000 37404000000 0 0 109000000 14000000 0 0 5000000 0 0 128000000 221000000 349000000 12197000000 0 216000000 406000000 7612000000 0 195000000 97000000 52000000 20775000000 16280000000 37055000000 0 0 0 0 0 0 93000000 0 12000000 105000000 0 105000000 0 9830000000 0 1364000000 0 363000000 0 0 21000000 11578000000 3812000000 15390000000 0 0 0 0 104000000 0 62000000 0 0 166000000 60000000 226000000 12197000000 9830000000 216000000 1770000000 7508000000 363000000 226000000 97000000 85000000 32292000000 20032000000 52324000000 0 0 0 -270000000 -2538000000 0 -60000000 -44000000 -5000000 -2917000000 -2917000000 518000000 7000000 86000000 27000000 5000000 643000000 643000000 0 0 0 0 106000000 0 60000000 0 0 -166000000 166000000 0 0 0 -270000000 -2950000000 -7000000 -86000000 -71000000 -10000000 -3394000000 -3394000000 12197000000 0 216000000 136000000 5074000000 0 135000000 53000000 47000000 17858000000 16280000000 34138000000 12197000000 9830000000 216000000 1500000000 4558000000 356000000 140000000 26000000 75000000 28898000000 20032000000 48930000000 643000000 86000000 557000000 11717000000 330000000 420000000 7604000000 200000000 75000000 52000000 20398000000 16501000000 36899000000 0 99000000 14000000 0 5000000 0 0 118000000 221000000 339000000 11717000000 231000000 406000000 7604000000 195000000 75000000 52000000 20280000000 16280000000 36560000000 480000000 0 0 8000000 72000000 22000000 0 582000000 0 582000000 0 15000000 0 0 72000000 0 0 87000000 0 87000000 12197000000 216000000 406000000 7612000000 195000000 97000000 52000000 20775000000 16280000000 37055000000 0 0 -270000000 -2025000000 -68000000 -19000000 -2000000 -2384000000 -2384000000 513000000 62000000 25000000 3000000 603000000 603000000 0 0 0 0 70000000 0 0 -70000000 70000000 0 0 -270000000 -2538000000 -60000000 -44000000 -5000000 -2917000000 -2917000000 11717000000 231000000 136000000 5579000000 127000000 56000000 50000000 17896000000 16280000000 34176000000 12197000000 216000000 136000000 5074000000 135000000 53000000 47000000 17858000000 16280000000 34138000000 603000000 62000000 541000000 3270000000 5740000000 820000000 890000000 440000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is an overview of the methods and key assumptions we used in 2025, as of October 1, to determine recoverable amounts for CGUs, or groups of CGUs, with indefinite-life intangible assets or goodwill that we consider significant.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:10.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.173%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.362%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.566%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except periods used and rates)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value of goodwill</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value of indefinite-life intangible assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Recoverable amount method</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Period of projected cash flows (years)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terminal growth rates (%)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pre-tax discount rates (%)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,634 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,331 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Value in use</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.9 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cable</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,533 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Value in use</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media group</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,781 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,410 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value less costs of disposal</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.9 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Leafs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,160 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value less costs of disposal</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Raptors</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,180 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value less costs of disposal</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TFC</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">854 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value less costs of disposal</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    The carrying value of indefinite-life intangible assets for Media includes the carrying values of the Leafs, Raptors, and TFC indefinite-life intangible assets.</span></div> 1634000000 12331000000 P5Y 0.020 0.079 13533000000 0 P5Y 0.010 0.080 4781000000 11410000000 P5Y 0.020 0.109 0 4160000000 0 6180000000 0 854000000 0 15000000 RESTRUCTURING, ACQUISITION AND OTHER<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We define restructuring costs as employee costs associated with the targeted restructuring of our employee base, or other costs associated with significant changes in either the scope of business activities or the manner in which business is conducted. Acquisition and integration costs are directly attributable to investigating or completing an acquisition or to integrating an acquired business. Other costs are costs that, in management's judgment about their nature, should be segregated from ongoing operating expenses, including costs related to significant litigation and regulatory decisions.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make significant judgments in determining the appropriate classification of costs to be included in "restructuring, acquisition and other".</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">RESTRUCTURING, ACQUISITION AND OTHER COSTS</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.572%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.565%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restructuring, acquisition and other excluding Shaw Transaction integration-related costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">350</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">276 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Shaw Transaction integration-related costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">89</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">130 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total restructuring, acquisition and other</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">439</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The restructuring, acquisition and other costs excluding Shaw Transaction integration-related costs in 2024 and 2025 include severance and other departure-related costs associated with the targeted restructuring of our employee base, and costs related to closing the MLSE Transaction. These costs also included costs related to real estate rationalization programs, an impairment of our radio broadcast licences (in 2024), expenses directly related to completing the network transaction (see note 28), and an unfavourable regulatory decision related to retransmission of distant signals.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Shaw Transaction integration-related costs in 2024 and 2025 mainly consisted of incremental costs supporting IT system integration activities related to the Shaw Transaction.</span></div> <div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.572%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.565%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restructuring, acquisition and other excluding Shaw Transaction integration-related costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">350</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">276 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Shaw Transaction integration-related costs</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">89</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">130 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total restructuring, acquisition and other</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">439</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 350000000 276000000 89000000 130000000 439000000 406000000 FINANCE COSTS<div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:60.253%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.268%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.539%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.540%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest on borrowings, net </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,954</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,022 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest on lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">9 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">147</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">137 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest on post-employment benefits</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">27 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on redemption of long-term debt </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(151)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Gain) loss on foreign exchange</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(45)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">222 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in fair value of derivative instruments</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(205)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in fair value of subsidiary equity derivative instruments </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capitalized interest</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(30)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(36)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred transaction costs and other</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">165</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">160 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total finance costs</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,043</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,295 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Reflects the net gain on the redemption of long-term debt purchased in 2025 (see note 25 for more information).</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Reflects the change in fair value of derivatives entered into related to the network transaction (see note 19 for more information).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">FOREIGN EXCHANGE AND CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognized $45 million in net foreign exchange gains in 2025 (2024 - $222 million in net losses). These gains were primarily attributed to our $6 billion term loan facility, which we terminated this year (see note 25), and our US CP program borrowings (see note 19). </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">These foreign exchange gains were partly offset by the $17 million loss (2024 - $205 million gain) related to the change in fair value of derivatives which were not designated as hedges for accounting purposes, primarily attributed to the debt derivatives we used to substantially offset the foreign exchange risk related to these US dollar-denominated borrowings.</span></div> <div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:60.253%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.268%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.539%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.540%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest on borrowings, net </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,954</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,022 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest on lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">9 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">147</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">137 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest on post-employment benefits</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">27 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on redemption of long-term debt </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(151)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Gain) loss on foreign exchange</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(45)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">222 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in fair value of derivative instruments</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(205)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in fair value of subsidiary equity derivative instruments </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capitalized interest</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(30)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(36)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred transaction costs and other</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">165</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">160 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total finance costs</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,043</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,295 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Interest on borrowings, net includes interest on short-term borrowings and on long-term debt.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Reflects the net gain on the redemption of long-term debt purchased in 2025 (see note 25 for more information).</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Reflects the change in fair value of derivatives entered into related to the network transaction (see note 19 for more information).</span></div> 1954000000 2022000000 147000000 137000000 -5000000 -5000000 151000000 0 45000000 -222000000 -17000000 205000000 9000000 0 30000000 36000000 165000000 160000000 2043000000 2295000000 45000000 -222000000 6000000000 -17000000 205000000 <div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.906%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.565%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income from associates and joint ventures</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(38)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on revaluation of MLSE investment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,976)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other investment (income) losses</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other income</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,021)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> <div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.906%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.565%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income from associates and joint ventures</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(38)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on revaluation of MLSE investment</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,976)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other investment (income) losses</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other income</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,021)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 38000000 8000000 4976000000 0 7000000 -2000000 5021000000 6000000 INCOME TAXES<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Income tax expense includes both current and deferred taxes. We recognize income tax expense in net income unless it relates to an item recognized directly in equity or other comprehensive income. We provide for income taxes based on all of the information that is currently available.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Current tax expense is tax we expect to pay or receive based on our taxable income or loss during the year. We calculate the current tax expense using tax rates enacted or substantively enacted as at the reporting date, including any adjustment to taxes payable or receivable related to previous years.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Deferred tax assets and liabilities arise from temporary differences between the carrying amounts of the assets and liabilities we recognize on our Consolidated Statements of Financial Position and their respective tax bases. We calculate deferred tax assets and liabilities using enacted or substantively enacted tax rates that will apply in the years in which the temporary differences are expected to reverse.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same authority on:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the same taxable entity; or</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">different taxable entities where these entities intend to settle current tax assets and liabilities on a net basis or the tax assets and liabilities will be realized and settled simultaneously.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize a deferred tax asset for unused losses, tax credits, and deductible temporary differences to the extent it is probable that future taxable income will be available to use the asset.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make significant judgments in interpreting tax rules and regulations when we calculate income tax expense. We make judgments to evaluate whether we can recover a deferred tax asset based on our assessment of existing tax laws, estimates of future profitability, and tax planning strategies.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">INCOME TAX EXPENSE</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current tax expense: </span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">For the current period</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">639</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">884 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in estimate relating to prior periods </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(100)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total current tax expense</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">539</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">864 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax expense (recovery):</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Origination (reversal) of temporary differences</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">81</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(291)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in estimate relating to prior periods</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total deferred tax expense (recovery)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">181</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(292)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total income tax expense</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">720</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">572 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except tax rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Statutory income tax rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26.2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26.2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income before income tax expense</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,626</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,306 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Computed income tax expense</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,998</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">604 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase (decrease) in income tax expense resulting from:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-taxable gain on revaluation of MLSE investment </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,304)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-deductible (taxable) stock-based compensation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-taxable portion of capital gains</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrealized capital losses for which no deferred tax asset is recognized</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">42</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Recognition of previously unrecognized capital loss</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total income tax expense</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">720</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">572 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective income tax rate</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.4</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24.8 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DEFERRED TAX ASSETS AND LIABILITIES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the movement of net deferred tax assets and liabilities during 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:31.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.531%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.373%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.366%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.671%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets (liabilities)<br/>(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment and inventory</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill and other intangibles</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract and deferred commission cost assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,225)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,345)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">571 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(179)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(101)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,281)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Recovery (expense) in net income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(133)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">57 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(71)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(181)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expense in other comprehensive income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquired through the MLSE Transaction</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(79)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,012)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(75)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">123 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,036)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,437)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,326)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(82)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">635</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(237)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(47)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9,494)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:31.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.531%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.373%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.366%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.671%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets (liabilities)</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment and inventory</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill and other intangibles</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract and deferred commission cost assets</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,509)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,316)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">554 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(123)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,379)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Expense) recovery in net income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">284 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(56)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">292 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Recovery in other comprehensive income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(193)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(194)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2024</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,225)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,345)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">571 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(179)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(101)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,281)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have not recognized deferred tax assets for the following items:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.313%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Realized capital losses in Canada that can be applied against future capital gains</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrealized capital losses on debt and derivative instruments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,457</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,572 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax losses in foreign jurisdictions </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">63</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">72 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deductible temporary differences in foreign jurisdictions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">42</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total unrecognized temporary differences</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,562</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,761 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">$33 million of the tax losses in foreign jurisdictions expire between 2026 and 2037, the remaining $30 million can be carried forward indefinitely.</span></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">There are taxable temporary differences associated with our investments in Canadian domestic subsidiaries. We do not recognize deferred tax liabilities for these temporary differences because we are able to control the timing of the reversal and the reversal is not probable in the foreseeable future. Reversing these taxable temporary differences is not expected to result in any significant tax implications.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Income tax expense includes both current and deferred taxes. We recognize income tax expense in net income unless it relates to an item recognized directly in equity or other comprehensive income. We provide for income taxes based on all of the information that is currently available.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Current tax expense is tax we expect to pay or receive based on our taxable income or loss during the year. We calculate the current tax expense using tax rates enacted or substantively enacted as at the reporting date, including any adjustment to taxes payable or receivable related to previous years.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Deferred tax assets and liabilities arise from temporary differences between the carrying amounts of the assets and liabilities we recognize on our Consolidated Statements of Financial Position and their respective tax bases. We calculate deferred tax assets and liabilities using enacted or substantively enacted tax rates that will apply in the years in which the temporary differences are expected to reverse.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same authority on:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">the same taxable entity; or</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">different taxable entities where these entities intend to settle current tax assets and liabilities on a net basis or the tax assets and liabilities will be realized and settled simultaneously.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize a deferred tax asset for unused losses, tax credits, and deductible temporary differences to the extent it is probable that future taxable income will be available to use the asset.</span></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current tax expense: </span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">For the current period</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">639</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">884 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in estimate relating to prior periods </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(100)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total current tax expense</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">539</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">864 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax expense (recovery):</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Origination (reversal) of temporary differences</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">81</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(291)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in estimate relating to prior periods</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total deferred tax expense (recovery)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">181</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(292)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total income tax expense</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">720</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">572 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 639000000 884000000 -100000000 -20000000 539000000 864000000 81000000 -291000000 100000000 -1000000 181000000 -292000000 720000000 572000000 <div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except tax rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Statutory income tax rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26.2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26.2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income before income tax expense</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,626</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,306 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Computed income tax expense</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,998</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">604 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase (decrease) in income tax expense resulting from:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-taxable gain on revaluation of MLSE investment </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,304)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-deductible (taxable) stock-based compensation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-taxable portion of capital gains</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrealized capital losses for which no deferred tax asset is recognized</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">42</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Recognition of previously unrecognized capital loss</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total income tax expense</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">720</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">572 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective income tax rate</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.4</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24.8 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div> 0.262 0.262 7626000000 2306000000 1998000000 604000000 1304000000 0 11000000 -13000000 9000000 0 42000000 0 10000000 0 -8000000 -19000000 720000000 572000000 0.094 0.248 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the movement of net deferred tax assets and liabilities during 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:31.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.531%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.373%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.366%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.671%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets (liabilities)<br/>(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment and inventory</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill and other intangibles</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract and deferred commission cost assets</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,225)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,345)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">571 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(179)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(101)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,281)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Recovery (expense) in net income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(133)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">57 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(71)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(181)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expense in other comprehensive income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquired through the MLSE Transaction</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(79)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,012)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(75)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">123 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,036)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2025</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,437)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,326)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(82)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">635</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(237)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(47)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9,494)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:31.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.531%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.373%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.877%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.366%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.671%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets (liabilities)</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment and inventory</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill and other intangibles</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract and deferred commission cost assets</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 1, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,509)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,316)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">554 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(123)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,379)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Expense) recovery in net income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">284 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(56)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">292 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Recovery in other comprehensive income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(193)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(194)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2024</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,225)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,345)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">571 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(179)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(101)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,281)</span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 3225000000 3345000000 2000000 -571000000 179000000 101000000 6281000000 133000000 -31000000 7000000 -57000000 58000000 71000000 181000000 0 0 -2000000 0 0 -2000000 -4000000 79000000 3012000000 75000000 -7000000 0 -123000000 3036000000 3437000000 6326000000 82000000 -635000000 237000000 47000000 9494000000 3509000000 3316000000 2000000 -554000000 123000000 -17000000 6379000000 -284000000 29000000 -1000000 -17000000 56000000 -75000000 -292000000 0 0 1000000 0 0 193000000 194000000 3225000000 3345000000 2000000 -571000000 179000000 101000000 6281000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have not recognized deferred tax assets for the following items:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.313%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Realized capital losses in Canada that can be applied against future capital gains</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrealized capital losses on debt and derivative instruments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,457</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,572 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax losses in foreign jurisdictions </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">63</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">72 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deductible temporary differences in foreign jurisdictions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">42</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total unrecognized temporary differences</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,562</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,761 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">$33 million of the tax losses in foreign jurisdictions expire between 2026 and 2037, the remaining $30 million can be carried forward indefinitely.</span></div> 0 73000000 1457000000 2572000000 63000000 72000000 42000000 44000000 1562000000 2761000000 33000000 30000000 EARNINGS PER SHARE<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We calculate basic earnings per share by dividing the net income or loss attributable to our RCI Class A Voting and RCI Class B Non-Voting shareholders by the weighted average number of RCI Class A Voting and RCI Class B Non-Voting shares (Class A Shares and Class B Non-Voting Shares, respectively) outstanding during the year.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We calculate diluted earnings per share by adjusting the net income or loss attributable to Class A and Class B Non-Voting shareholders and the weighted average number of Class A Shares and Class B Non-Voting Shares outstanding for the effect of all dilutive potential common shares. We use the treasury stock method for calculating diluted earnings per share, which considers the impact of employee stock options and other potentially dilutive instruments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Options with tandem stock appreciation rights or cash payment alternatives are accounted for as cash-settled awards. As these awards can be exchanged for common shares of RCI, they are considered potentially dilutive and are included in the calculation of our diluted net earnings per share if they have a dilutive impact in the period.</span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">EARNINGS PER SHARE CALCULATION </span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except per share amounts)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Numerator (basic) - Net income attributable to RCI shareholders for the year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,894</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,734 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Denominator - Number of shares (in millions):</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average number of shares outstanding - basic</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">540</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">534 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effect of dilutive securities (in millions):</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee stock options and restricted share units</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average number of shares outstanding - diluted</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">541</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">535 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Earnings per share attributable to RCI shareholders:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Basic</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$12.77</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$3.25 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Diluted</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$12.74</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$3.20 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">For the years ended December 31, 2025 and 2024, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2025 was reduced by $3 million (2024 - $20 million) in the diluted earnings per share calculation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">For the year ended December 31, 2025, there were 8,959,909 options out of the money (2024 - 9,513,710) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We calculate basic earnings per share by dividing the net income or loss attributable to our RCI Class A Voting and RCI Class B Non-Voting shareholders by the weighted average number of RCI Class A Voting and RCI Class B Non-Voting shares (Class A Shares and Class B Non-Voting Shares, respectively) outstanding during the year.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We calculate diluted earnings per share by adjusting the net income or loss attributable to Class A and Class B Non-Voting shareholders and the weighted average number of Class A Shares and Class B Non-Voting Shares outstanding for the effect of all dilutive potential common shares. We use the treasury stock method for calculating diluted earnings per share, which considers the impact of employee stock options and other potentially dilutive instruments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Options with tandem stock appreciation rights or cash payment alternatives are accounted for as cash-settled awards. As these awards can be exchanged for common shares of RCI, they are considered potentially dilutive and are included in the calculation of our diluted net earnings per share if they have a dilutive impact in the period.</span></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except per share amounts)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Numerator (basic) - Net income attributable to RCI shareholders for the year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,894</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,734 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Denominator - Number of shares (in millions):</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average number of shares outstanding - basic</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">540</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">534 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effect of dilutive securities (in millions):</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee stock options and restricted share units</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average number of shares outstanding - diluted</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">541</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">535 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Earnings per share attributable to RCI shareholders:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Basic</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$12.77</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$3.25 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Diluted</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$12.74</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$3.20 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div> 6894000000 1734000000 540000000 534000000 1000000 1000000 541000000 535000000 12.77 3.25 12.74 3.20 3000000 20000000 8959909 9513710 ACCOUNTS RECEIVABLE<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Accounts receivable represent (i) amounts owing to us that are currently due and collectible and (ii) amounts owed to us under device financing agreements that have not yet been billed (financing receivables). We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTS RECEIVABLE BY TYPE </span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer accounts receivable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,326</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,762 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other accounts receivable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,236</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allowance for doubtful accounts</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(259)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(227)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total accounts receivable</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,303</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,667 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,105</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,478 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,198</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,189 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total accounts receivable</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,303</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,667 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The long-term portion of our accounts receivable is recorded within "financing receivables" on our Consolidated Statements of Financial Position and reflects our financing receivables that will be billed to customers beyond one year of the date of the financial statements.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a breakdown of our financing receivable balances.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financing receivables</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,448</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,341 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term financing receivables</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,198</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,189 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total financing receivables</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,646</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,530 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Accounts receivable represent (i) amounts owing to us that are currently due and collectible and (ii) amounts owed to us under device financing agreements that have not yet been billed (financing receivables). We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.</span></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer accounts receivable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,326</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,762 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other accounts receivable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,236</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allowance for doubtful accounts</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(259)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(227)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total accounts receivable</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,303</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,667 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,105</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,478 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,198</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,189 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total accounts receivable</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,303</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,667 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 6326000000 5762000000 1236000000 1132000000 259000000 227000000 7303000000 6667000000 6105000000 5478000000 1198000000 1189000000 7303000000 6667000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a breakdown of our financing receivable balances.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financing receivables</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,448</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,341 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term financing receivables</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,198</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,189 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total financing receivables</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,646</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,530 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 2448000000 2341000000 1198000000 1189000000 3646000000 3530000000 INVENTORIES<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.</span></div><div><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">INVENTORIES BY TYPE </span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless devices and accessories</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">446</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">538 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other finished goods and merchandise</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total inventories</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">550</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">641 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cost of equipment sales and merchandise for resale includes $2,737 million of inventory costs for 2025 (2024 - $2,749 million).</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.</span></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wireless devices and accessories</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">446</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">538 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other finished goods and merchandise</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total inventories</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">550</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">641 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 446000000 538000000 104000000 103000000 550000000 641000000 2737000000 2749000000 OTHER CURRENT ASSETS<div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.906%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.565%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prepaid expenses</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">334</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">304 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of deferred commission costs</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">417 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax receivable</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">129</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred player compensation</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">108</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of residual value return provision asset</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">152</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other current assets</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,239</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">849 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.906%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.563%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.565%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prepaid expenses</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">334</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">304 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of deferred commission costs</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">417 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax receivable</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">129</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred player compensation</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">108</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of residual value return provision asset</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">152</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other current assets</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,239</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">849 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 334000000 304000000 500000000 417000000 129000000 0 108000000 7000000 152000000 120000000 16000000 0 1239000000 849000000 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Recognition</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We initially recognize cash and cash equivalents, bank advances, accounts receivable, financing receivables, debt securities, and accounts payable and accrued liabilities on the date they originate. All other financial assets and financial liabilities are initially recognized on the trade date when we become a party to the contractual provisions of the instrument.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Classification and measurement</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure financial instruments by grouping them into classes upon initial recognition, based on the purpose of the individual instruments. We initially measure all financial instruments at fair value plus, in the case of our financial instruments not classified as fair value through profit and loss (FVTPL) or FVTOCI, transaction costs that are directly attributable to the acquisition or issuance of the financial instruments. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately into net income.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The classifications and methods of measurement subsequent to initial recognition of our financial assets and financial liabilities are as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Financial instrument</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Classification and measurement method</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial assets</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents </span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financing receivables</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investments, measured at FVTOCI</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTOCI with no reclassification to net income </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">1</span></div></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial liabilities</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Bank advances</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts payable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accrued liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">MLSE put liability</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Derivatives </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Debt derivatives </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTOCI and FVTPL</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expenditure derivatives</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> 4</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTOCI and FVTPL</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">5</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Subsidiary equity derivatives</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL</span></div></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Subsequently measured at fair value with changes recognized in the FVTOCI investment reserve.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Derivatives can be in an asset or liability position at a point in time historically or in the future.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Debt derivatives related to our US dollar-denominated credit facility and commercial paper borrowings have not been designated as hedges for accounting purposes and are measured at FVTPL. Debt derivatives related to our senior notes and debentures, subordinated notes, lease liabilities, and MLSE's credit facility borrowings are designated as hedges for accounting purposes and are measured at FVTOCI.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">4</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Certain expenditure derivatives acquired through the MLSE Transaction have not been designated as hedges for accounting purposes and are measured at FVTPL. All other expenditure derivatives are designated as hedges for accounting purposes and are measured at FVTOCI.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">5</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Subsequent changes are offset against stock-based compensation expense or recovery in "operating costs".</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Offsetting financial assets and financial liabilities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We offset financial assets and financial liabilities and present the net amount on the Consolidated Statements of Financial Position when we have a legal right to offset them and intend to settle on a net basis or realize the asset and liability simultaneously.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Derivative instruments</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use derivative instruments to manage risks related to certain activities in which we are involved. They include:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:20.403%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.358%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:33.939%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Derivatives</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">The risk they manage</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Types of derivative instruments</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Debt derivatives</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior and subordinated notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cross-currency interest rate exchange agreements<br/></span><span style="font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><br/></span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward cross-currency interest rate exchange agreements<br/></span><span style="font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><br/></span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward foreign exchange agreements</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expenditure derivatives</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated expenditures</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward foreign exchange agreements and foreign exchange option agreements</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in share price of our Class B Non-Voting Shares on stock-based compensation expense</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total return swap agreements</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Subsidiary equity derivatives</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in foreign exchange rates on our subsidiary equity investment</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cross-currency interest rate exchange agreements</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in market rates for electricity</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use derivatives only to manage risk, and not for speculative purposes.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">When we designate a derivative instrument as a hedging instrument for accounting purposes, we first determine that the hedging instrument will be highly effective in offsetting the changes in fair value or cash flows of the item it is hedging. We then formally document the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy and the methods we will use to assess the ongoing effectiveness of the hedging relationship.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We assess, on a quarterly basis, whether each hedging instrument continues to be highly effective in offsetting the changes in the fair value or cash flows of the item it is hedging.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We assess host contracts to identify embedded derivatives. Embedded derivatives are separated from the host contract and accounted for as separate derivatives if the host contract is not a financial asset and certain criteria are met.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Hedge ratio</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our policy is to hedge 100% of the foreign currency risk arising from principal and interest payment obligations on US dollar-denominated senior notes and debentures using debt derivatives. We also hedge up to 100% of the remaining lease payments when we enter into debt derivatives on our US dollar-denominated lease liabilities. We typically hedge up to 100% of forecast foreign currency expenditures net of foreign currency cash inflows using expenditure derivatives. From time to time, we hedge up to 100% of the interest rate risk on forecast future senior note issuances using interest rate derivatives.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Hedging reserve</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The hedging reserve represents the accumulated change in fair value of our derivative instruments to the extent they were effective hedges for accounting purposes, less accumulated amounts reclassified into net income.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Deferred transaction costs and discounts</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We defer transaction costs and discounts associated with issuing and amending long-term debt and direct costs we pay to lenders to obtain certain credit facilities and amortize them using the effective interest method over the life of the related instrument.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">FVTOCI investment reserve</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The FVTOCI investment reserve represents the accumulated change in fair value of our equity investments that are measured at FVTOCI less accumulated impairment losses related to the investments and accumulated amounts reclassified into equity.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Impairment (expected credit losses)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We consider the credit risk of a financial asset at initial recognition and at each reporting period thereafter until it is derecognized. For a financial asset that is determined to have low credit risk at the reporting date and that has not had significant increases in credit risk since initial recognition, we measure any impairment loss based on the credit losses we expect to recognize over the next one year from the date of the financial statements. For other financial assets, we will measure an impairment loss based on the lifetime expected credit losses. Certain assets, such as trade receivables, financing receivables, and contract assets without significant financing components, must always be recorded at lifetime expected credit losses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Lifetime expected credit losses are estimates of all possible default events over the expected life of a financial instrument. Twelve-month expected credit losses are estimates of all possible default events within one year of the reporting date or over the expected life of a financial instrument, whichever is shorter.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Financial assets that are significant in value are assessed individually. All other financial assets are assessed collectively based on the nature of each asset. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure impairment for financial assets as follows:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.5pt">contract assets </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">- we measure an impairment loss for contract assets based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 6);</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.5pt">accounts receivable</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> - we measure an impairment loss for accounts receivable based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 16);</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.5pt">financing receivables</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> - we measure an impairment loss for financing receivables based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 16); and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.5pt">investments measured at FVTOCI - </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">we measure an impairment loss for equity investments measured at FVTOCI as the excess of the cost to acquire the asset (less any impairment loss we have previously recognized) over its current fair value, if any. The difference is recognized in the FVTOCI investment reserve.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We consider financial assets to be in default when, in the case of contract assets, accounts receivable, and financing receivables, the counterparty is unlikely to satisfy its obligations to us in full. Our investments measured at FVTOCI cannot default. To determine if our financial assets are in default, we consider the amount of time for which the individual asset has </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">been outstanding, the reason for the amount being outstanding (for example, if the customer has ongoing service or, if they have been deactivated, whether voluntarily or involuntarily), and the risk profile of the underlying customers. We typically write off accounts receivable when they have been outstanding for a significant period of time.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Fair value estimates related to our derivatives are made at a specific point in time based on relevant market information and information about the underlying financial instruments. These estimates require assessment of the credit risk of the parties to the instruments and the instruments' discount rates. These fair values and underlying estimates are also used in the tests of effectiveness of our hedging relationships.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make estimates when determining the credit losses we expect to recognize on an asset while taking into account whether we use a twelve-month period or the asset's lifetime.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make significant judgments in determining whether our financial instruments qualify for hedge accounting. These judgments include assessing whether the forecast transactions designated as hedged items in hedging relationships will materialize as forecast, whether the hedging relationships designated as effective hedges for accounting purposes continue to qualitatively be effective, and determining the methodology to determine the fair values used in testing the effectiveness of hedging relationships.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">FINANCIAL RISKS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We are exposed to credit, liquidity, market price, foreign exchange, and interest rate risks. Our primary risk management objective is to protect our income, cash flows, and, ultimately, shareholder value. We design and implement the risk management strategies discussed below to ensure our risks and the related exposures are consistent with our business objectives and risk tolerance. Below is a summary of our potential risk exposures by financial instrument.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:48.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.976%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Financial instrument</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Financial risks</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial assets</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit and foreign exchange</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit and foreign exchange</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financing receivables</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investments, measured at FVTOCI</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity and foreign exchange</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial liabilities</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Bank advances</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity, foreign exchange, and interest rate</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts payable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accrued liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">MLSE put liability</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity, foreign exchange, and interest rate</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity and foreign exchange</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Derivatives </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Debt derivatives</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit, liquidity, and foreign exchange</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expenditure derivatives</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit, liquidity, and foreign exchange</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit, liquidity, and market price</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit, liquidity, and market price</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Subsidiary equity derivatives</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit, liquidity, and foreign exchange</span></div></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Derivatives can be in an asset or liability position at a point in time historically or in the future.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-2.25pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CREDIT RISK</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk represents the financial loss we could experience if a counterparty to a financial instrument, from whom we have an amount owing, failed to meet its obligations under the terms and conditions of its contracts with us. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our credit risk exposure is primarily attributable to our cash and cash equivalents, our accounts receivable, our financing receivables, and to our debt, interest rate, expenditure, equity, and subsidiary equity derivatives. Our broad customer base limits the concentration of this risk. Our "accounts receivables" and "financing receivables" on the Consolidated Statements of Financial Position are net of allowances for doubtful accounts.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Accounts receivable and financing receivables</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure our allowance for doubtful accounts related to our accounts receivable and financing receivables using lifetime expected credit losses. We believe the allowance for doubtful accounts sufficiently reflects the credit risk associated with our accounts receivable and financing receivables. As at December 31, 2025, $772 million (2024 - $687 million) of gross accounts receivable and financing receivables are considered past due, which is defined as amounts outstanding beyond normal credit terms and conditions for the respective customers.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the aging of our customer accounts receivable, including financing receivables, net of the respective allowances for doubtful accounts.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer accounts receivable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unbilled financing receivables</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,646</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,530 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 30 days past billing date</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,419 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30-60 days past billing date</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">351</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">334 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61-90 days past billing date</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">152</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">122 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than 90 days past billing date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">168</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">131 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total customer accounts receivable (net of allowances of $258 and $226, respectively)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,065</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,536 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total contract assets (net of allowances of $1 and $1, respectively)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">253</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">268 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total customer accounts receivable and contract assets</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,318</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,804 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the activity related to our allowance for doubtful accounts on total customer accounts receivable and contract assets.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">227</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">213 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allowance for doubtful accounts expense</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">327</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">259 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquired in business combination</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net use</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(303)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(245)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">259</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">227 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use various controls and processes, such as credit checks, deposits on account, and billing in advance, to mitigate credit risk. We monitor and take appropriate action to suspend services when customers have fully used their approved credit limits or violated established payment terms. While our credit controls and processes have been effective in managing credit risk, they cannot eliminate credit risk and there can be no assurance these controls will continue to be effective or our current credit loss experience will continue.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Derivative instruments</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Credit risk related to our debt derivatives, interest rate derivatives, expenditure derivatives, and equity derivatives arises from the possibility that the counterparties to the agreements may default on their obligations. We assess the creditworthiness of the counterparties to minimize the risk of counterparty default and do not require collateral or other security to support the credit risk associated with these derivatives. Counterparties to the entire portfolio of our derivatives are financial institutions with a S&amp;P Global Ratings (or the equivalent) ranging from A to AA-.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">LIQUIDITY RISK</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Liquidity risk is the risk that we will not be able to meet our financial obligations as they fall due. We manage liquidity risk by managing our commitments and maturities, capital structure, and financial leverage (see note 4). We also manage liquidity risk by continually monitoring actual and projected cash flows to ensure we will have sufficient liquidity to meet our liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to our reputation.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:45.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.551%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.975%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.118%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.077%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 to 5</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">cash flows</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 year</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 years</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,831 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,831 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,831 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,316 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,316 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,316 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,058 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,932 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,186 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,529 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,795 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,422 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,074 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">692 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">895 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">543 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,944 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term financial liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">443 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">443 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">241 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivative instruments:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,418 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,257 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,759 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">291 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,487)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,276)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,790)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(114)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(307)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivative instruments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivative instruments</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,321 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">962 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">962 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,916 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,651)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(533)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,065)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,065)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,988)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivative instruments accounted for as hedges:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,030 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">990 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,865 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,259 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,916 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(22,402)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,010)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,054)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,225)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15,113)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net carrying amount of derivatives (asset)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(97)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,669 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,797 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,906 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,233 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,336 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,322 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Reflects repayment of our subordinated notes on their respective at-par redemption dates (see note 25).</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:45.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.551%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.975%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.118%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.077%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2024</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 to 5</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">cash flows</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 year</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 years</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,059 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,059 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,059 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax payable</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,896 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42,886 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,696 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,970 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24,421 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,778 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">587 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,084 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,469 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term financial liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivative instruments:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,124 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,605 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">519 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,288)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,727)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(561)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivative instruments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivative instruments accounted for as hedges:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,506 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,572 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,565 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,684 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,685 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25,421)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,758)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,957)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,799)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,907)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivative instruments not accounted for as hedges:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,958 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,958 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,963)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,963)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net carrying amount of derivatives (asset)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(425)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51,342 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50,387 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,961 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,622 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,132 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,672 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Reflects repayment of our subordinated notes on their respective at-par redemption dates (see note 25).</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the net interest payments over the life of the long-term debt, including the impact of the associated debt derivatives, as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:19.381%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.782%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 1 year</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3 years</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 to 5 years</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than 5 years</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest payments</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,861 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,174 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,674 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,912 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:19.381%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.782%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2024</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 1 year</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3 years</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 to 5 years</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than 5 years</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest payments</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,925 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,303 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,528 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,480 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">MARKET PRICE RISK</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Market price risk is the risk that changes in market prices, such as fluctuations in the market prices of our share price or energy, will affect our income, cash flows, or the value of our financial instruments.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market price risk - Class B Non-Voting Shares</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our liability related to stock-based compensation is remeasured at fair value each period. Stock-based compensation expense is affected by changes in the price of our Class B Non-Voting Shares during the life of an award, including stock options, restricted share units (RSUs), and deferred share units (DSUs). We use equity derivatives from time to time to manage the exposure in our stock-based compensation liability. As a result of our equity derivatives, a one-dollar change in the price of a Class B Non-Voting Share would not have a material effect on net income.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Market price risk - energy prices</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have a virtual power purchase agreement (VPPA) that entitles us to the benefits of 38% of the total energy generated by a solar facility in Alberta. The fair value of the VPPA is based, in part, on the market rate for energy in Alberta.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">FOREIGN EXCHANGE RISK</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use debt derivatives to manage risks from fluctuations in foreign exchange rates associated with our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities. We typically designate the debt derivatives related to our senior notes and debentures and lease liabilities as hedges for accounting purposes against the foreign exchange risk associated with specific debt instruments and lease contracts, respectively. We have not designated the debt derivatives related to our US CP program or credit facility borrowings as hedges for accounting purposes. As at December 31, 2025, all of our US dollar-denominated long-term debt, short-term borrowings, and lease liabilities were hedged against fluctuations in foreign exchange rates using debt derivatives. With respect to our long-term debt and US CP program, as a result of our debt derivatives, a one-cent change in the Canadian dollar relative to the US dollar would have no effect on net income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use expenditure derivatives to manage the foreign exchange risk in our operations, designating them (except for certain derivatives acquired through the MLSE Transaction) as hedges for certain of our forecast operational and capital expenditures.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">A portion of our accounts receivable and accounts payable and accrued liabilities is denominated in US dollars. Due to the short-term nature of these receivables and payables, they carry no significant risk from fluctuations in foreign exchange rates as at December 31, 2025.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">INTEREST RATE RISK</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We are exposed to risk of changes in market interest rates due to the impact this has on interest expense for our short-term borrowings, bank credit facilities, and term loan facility. As at December 31, 2025, 89.1% of our outstanding long-term debt and short-term borrowings was at fixed interest rates (2024 - 90.8%).</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Sensitivity analysis</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a sensitivity analysis for significant exposures with respect to our expenditure derivatives, debt derivatives, interest rate derivatives, short-term borrowings, senior notes, and bank credit facilities as at December 31, 2025 and 2024 with all other variables held constant. It shows how net income and other comprehensive income would have been affected by changes in the relevant risk variables.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:50.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.931%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> Net income </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other comprehensive income</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Change in millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives - change in foreign exchange rate</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.01 change in Cdn$ relative to US$</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1% change in interest rates</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bank credit facilities (floating) </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1% change in interest rates</span></div></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DERIVATIVE INSTRUMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As at December 31, 2025 and 2024, all of our US dollar-denominated long-term debt instruments were hedged against fluctuations in foreign exchange rates for accounting purposes. Below is a summary of our net (liability) asset position for our various derivatives and a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.061%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="18" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional<br/>amount<br/>(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange<br/>rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional<br/>amount<br/>(Cdn$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value <br/>(Cdn$) </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives accounted for as cash flow hedges:</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,559 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.2373 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,590 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">787</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">47</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">740</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,763 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3449 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,440 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(645)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(632)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE interest rate swap</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market debt derivative asset</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">135</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives accounted for as cash flow hedges:</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,122 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3275 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,489 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,261 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3816 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,742 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(22)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives not accounted for as hedges:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">886 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3386 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,186 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(17)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market expenditure derivative liability</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(25)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(15)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives not accounted for as hedges:</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">173 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">84 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market equity derivative asset</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivatives not accounted for as hedges:</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3827 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,037 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3846 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,677 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(36)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(36)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market subsidiary equity derivative liability</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement not accounted </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">    for as hedges:</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market virtual power purchase agreement liability</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market asset</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">47</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:37.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.129%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="18" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional<br/>amount<br/>(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange<br/>rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional<br/>amount<br/>(Cdn$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value <br/>(Cdn$) </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives accounted for as cash flow hedges: </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,116 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.2510 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,906 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">224 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">970 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,550 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3127 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,598 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(842)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(837)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term debt derivatives not accounted for as hedges:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">666 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.4282 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">952 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">696 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.4421 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,004 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market debt derivative asset</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">357 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">224 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">133 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives accounted for as cash flow hedges: </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,590 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3362 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,125 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market expenditure derivative asset</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives not accounted for as hedges:</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">320 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market equity derivative liability</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement not accounted </span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">    for as hedges:</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market power purchase agreement liability</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market asset</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">152 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the net cash proceeds on debt derivatives and subsidiary equity derivatives.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:70.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on debt derivatives related to US commercial paper</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,175</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,478 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on debt derivatives related to credit facility borrowings</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,171</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,368 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on debt derivatives related to senior notes and debentures</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,815</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on subsidiary equity derivatives</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,447</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on debt derivatives related to lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">203</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">203 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total proceeds on debt derivatives</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50,811</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,049 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on debt derivatives related to US commercial paper</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,176)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,466)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on debt derivatives related to credit facility borrowings</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(15,203)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(23,280)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on debt derivatives related to senior notes and debentures</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,743)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on subsidiary equity derivatives</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(29,379)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on debt derivatives related to lease liabilities </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(196)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(196)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total payments on debt derivatives</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(50,697)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25,942)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds on settlement of debt derivatives and subsidiary equity derivatives</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">114</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    We initially entered into the subsidiary equity derivatives based on an anticipated closing date. Between that time and the June 20 closing date of the network transaction, we received net cash proceeds of $44 million as we extended the derivatives. Subsequent to closing, net cash proceeds of $24 million were received.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the changes in fair value of our derivative instruments for 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:23.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.772%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.674%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.975%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.772%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.772%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.527%"></td><td style="width:0.1%"></td></tr><tr style="height:20pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives (hedged)</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives (unhedged)</span></td><td colspan="3" style="display:none"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives (hedged)</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives (unhedged)</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivatives</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total instruments</span></td></tr><tr style="height:20pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">352 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">425</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from settlement of derivatives</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,018)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,346)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,982)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(63)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29,447)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(52,856)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payment on derivatives settled</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,939 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,379 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,908 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,379 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,731</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Decrease) increase in fair value of derivatives</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(138)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(38)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(66)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(203)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments, end of year</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">135 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market asset</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">787 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">845</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(652)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(36)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(748)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market asset (liability)</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">135 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:35.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.560%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.161%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.564%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives (hedged)</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives (unhedged)</span></td><td colspan="3" style="display:none"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total instruments</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments, beginning of year</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(470)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(101)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(538)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from settlement of derivatives</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(203)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25,846)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,640)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(27,690)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payment on derivatives settled</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">196 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,746 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,590 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,534 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase (decrease) in fair value of derivatives</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">829 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">206 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">197 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(102)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,119 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments, end of year</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">352 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market asset</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,333 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(842)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(908)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market asset (liability)</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">352 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DEBT DERIVATIVES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use cross-currency interest rate agreements, forward cross-currency interest rate agreements, and foreign exchange forward agreements (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes, debentures, subordinated notes, lease liabilities, credit facility borrowings, and US CP borrowings (see note 22). We typically designate the debt derivatives related to our senior notes, debentures, subordinated notes, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt instruments. Debt derivatives related to our US dollar-denominated credit facility and US CP borrowings have not been designated as hedges for accounting purposes.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Credit facilities and US CP</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During 2025 and 2024, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.299%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.158%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.158%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.158%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.161%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" style="border-right:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional </span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange rate</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (Cdn$)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional </span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange rate</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Credit facilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives entered</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,825</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.394</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,695</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,943 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.366 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,407 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives settled</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,873</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.395</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,171</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,136 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,368 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash (paid) received on settlement</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(32)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">US commercial paper program</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives entered</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">517</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.410</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">729</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,008 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.374 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,758 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives settled</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">831</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.414</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,175</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,807 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.371 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,478 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash (paid) received on settlement</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In 2025, through the MLSE Transaction, we acquired an interest rate swap MLSE had entered into to convert the $300 million of borrowings outstanding under its non-revolving credit facility (see note 25) from a floating rate to a fixed rate of 3.55%. The interest rate swap matures concurrently with the maturity of the non-revolving credit facility in June 2028. The interest rate swap has been designated as a hedge for accounting purposes.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As at December 31, 2025, we had no debt derivatives outstanding related to our credit facility borrowings and US CP program (2024 - US$1,048 million and US$314 million notional amount at average rates of $1.439/US$ and $1.423/US$, respectively).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Senior notes and subordinated notes</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In 2025 and 2024, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the US dollar-denominated notes issued (see note 25). Below is a summary of the debt derivatives we entered to hedge notes issued during 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:16.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.966%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.863%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.566%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.652%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.119%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except for coupon and interest rates)</span></td><td colspan="3" style="border-right:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US$</span></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Hedging effect</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal/Notional amount (US$)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maturity date</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Coupon rate</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed hedged (Cdn$) interest rate </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equivalent (Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">2025 issuances</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 12, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2055</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.440 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,575 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 12, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2055</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.125 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.862 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,432 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">2024 issuances</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 9, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.735 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,684 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 9, 2024</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2034</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.300 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.107 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,683 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As at December 31, 2025, we had US$15,911 million (2024 - US$17,250 million) in US dollar-denominated senior notes, debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged economically using debt derivatives, at an average rate of $1.287/US$ (December 31, 2024 - $1.272/US$).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In March 2025, we repaid the entire outstanding principal amount of our US$1 billion 2.95% senior notes and the associated debt derivatives at maturity, resulting in $95 million received on settlement of the associated debt derivatives.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In July 2025, in connection with the offers to repurchase certain of our US dollar-denominated senior notes, we partially settled the associated debt derivatives on the accepted senior notes. See note 25 for more information.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In December 2025, we repaid the entire outstanding principal amount of our US$700 million 3.625% senior notes and the associated debt derivatives at maturity, resulting in $25 million received on settlement of the associated debt derivatives.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Lease liabilities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During 2025 and 2024, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.549%"><tr><td style="width:1.0%"></td><td style="width:40.076%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.709%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="9" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (US$)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange rate</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (Cdn$)</span></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (US$)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange rate</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives entered</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">241</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.378</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">332</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">271 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.369 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">371 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives settled</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">247</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.352</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">334</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">214 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.322 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">283 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As at December 31, 2025, we had US$410 million notional amount of debt derivatives outstanding related to our outstanding lease liabilities (2024 - US$416 million) with terms to maturity ranging from January 2026 to December 2028 (2024 - January 2025 to December 2027), at an average rate of $1.365/US$ (2024 - $1.349/US$).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">EXPENDITURE DERIVATIVES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use foreign currency forward contracts and option contracts (expenditure derivatives) to manage the foreign exchange risk in our operations, designating them as hedges for accounting purposes for certain of our forecast operational and capital expenditures. In 2025, as a result of the MLSE Transaction, we acquired expenditure derivatives and other foreign exchange options that had previously been entered into by MLSE. The other foreign exchange options are effective economic hedges against future US dollar-denominated expenditures; however, they cannot be designated as hedges for accounting purposes. Changes in their fair values are recognized in "change in fair value of derivative instruments" in "finance costs".</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following table provides further details on our outstanding foreign currency forward contracts and options as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.549%"><tr><td style="width:1.0%"></td><td style="width:15.642%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.005%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:33.441%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(in millions of dollars)</span></div></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></div></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Type of hedge</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount to receive (US$)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount to pay (Cdn$)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amount to receive (US$)</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amount to pay (Cdn$)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maturity</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Hedged item</span></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,200 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,605 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,429</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,955</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">390 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">519 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">609</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">826</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">40</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">54</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">305</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">397</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026 - 2039</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Future Toronto Blue Jays player compensation</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">216</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">285</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">420</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">565</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">205</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">275</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic</span></div></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">EQUITY DERIVATIVES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have equity derivatives to hedge market price appreciation risk associated with Class B Non-Voting Shares that have been granted under our stock-based compensation programs (see note 29). The equity derivatives have terms to maturity of one year, extendible for further one-year periods with the consent of the hedge counterparties. The equity derivatives have not been designated as hedges for accounting purposes.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As at December 31, 2025, we had equity derivatives outstanding for 5.5 million (2024 - 6.0 million) Class B Non-Voting Shares with a weighted average price of $46.81 (2024 - $53.27).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In 2025, we settled 1.5 million equity derivatives at a weighted average price of $35.32 resulting in a net payment of $22 million on settlement. We also reset the pricing on 2.3 million existing equity derivatives, resulting in a net payment of $38 million. We executed extension agreements on all equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2026 (from April 2025). Finally, we added 1.0 million equity derivatives at a weighted average price of $50.98.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In 2024, we executed extension agreements for our equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2025 (from April 2024) and the weighted average cost was adjusted to $53.27 per share.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">SUBSIDIARY EQUITY DERIVATIVES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have entered into cross-currency interest rate exchange agreements to manage the foreign exchange risk of our subsidiary equity investment (subsidiary equity derivatives). The subsidiary equity derivatives economically hedge our US dollar-denominated exposures arising from the subsidiary equity investment but cannot be designated as hedges for accounting purposes. In 2025, we entered into subsidiary equity derivatives for US$4.85 billion ($6.7 billion) that mature in </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2033. These subsidiary equity derivatives convert an 8% US dollar-denominated cash flow into a Cdn$ rate of 7.16% until maturity on a quarterly basis. We initially entered into the subsidiary equity derivatives based on an anticipated closing date. Between that time and the June 20 closing date of the network transaction, we received net cash proceeds of $44 million as we extended the derivatives. Subsequent to closing, net cash proceeds of $24 million were received.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">FAIR VALUES OF FINANCIAL INSTRUMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The carrying values of cash and cash equivalents, accounts receivable, bank advances, short-term borrowings, and accounts payable and accrued liabilities approximate their fair values because of the short-term natures of these financial instruments. The carrying values of our financing receivables also approximate their fair values based on our recognition of an expected credit loss allowance.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We determine the fair value of our private investments by using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches. These are applied appropriately to each investment depending on its future operating and profitability prospects.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fair values of each of our public debt instruments are based on the period-end estimated market yields, or period-end trading values, where available.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We determine the fair values of our debt derivatives, expenditure derivatives, and subsidiary equity derivatives using an estimated credit-adjusted mark-to-market valuation by discounting cash flows to the measurement date. In the case of derivatives in an asset position, the credit adjustment for the financial institution counterparty is deducted from the risk-free value to determine the estimated credit-adjusted value for each derivative. For those derivatives in a liability position, our credit adjustment is added to the risk-free value for each derivative.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The fair values of our equity derivatives are based on the period-end quoted market value of Class B Non-Voting Shares.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our disclosure of the three-level fair value hierarchy reflects the significance of the inputs used in measuring fair value:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">financial assets and financial liabilities in Level 1 are valued by referring to quoted prices in active markets for identical assets and liabilities;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">financial assets and financial liabilities in Level 2 are valued using inputs based on observable market data, either directly or indirectly, other than the quoted prices; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">Level 3 valuations are based on inputs that are not based on observable market data.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">There were no transfers between Level 1, Level 2, or Level 3 during the years ended December 31, 2025 or 2024.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the financial instruments carried at fair value.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:54.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.260%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-bottom:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="12" style="border-bottom:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="6" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value</span></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value (Level 2)</span></td><td colspan="6" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value (Level 3)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial assets</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments, measured at FVTOCI:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments in private companies</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Held-for-trading:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">787</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">787</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total financial assets</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,057</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,461 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">845</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,333 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt (including current portion)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,058</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,896 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36,523</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39,765 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Held-for-trading:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">645</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">842 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">645</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">842 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE interest rate swap</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives not accounted as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivatives not accounted for as hedges </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement not accounted for as a hedge</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total financial liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,122</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42,804 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,271</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40,673 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We did not have any non-derivative held-to-maturity financial assets during the years ended December 31, 2025 and 2024.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">SUPPLIER FINANCE ARRANGEMENTS </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We are enrolled in supplier finance arrangement programs with two large financial institutions. The principal purpose of these arrangements is to enable willing suppliers to receive payments from the financial institutions prior to invoice due dates. The payment terms for these arrangements are net 15 days from the invoice date. The range of payment due dates for trade payables that are not part of the arrangement are net 60 to 90 days from the invoice date. The payment terms for our liabilities due to the financial institutions is 30 to 45 days. There are no extended payment terms, security, or guarantees provided under these programs.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following table presents additional information about the carrying amounts of our accounts payable and accrued liabilities subject to our supplier finance arrangements.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.874%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Presented within accounts payable and accrued liabilities</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">289</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">for which suppliers have received payment from the finance provider</span></div></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">267</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">264 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Recognition</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We initially recognize cash and cash equivalents, bank advances, accounts receivable, financing receivables, debt securities, and accounts payable and accrued liabilities on the date they originate. All other financial assets and financial liabilities are initially recognized on the trade date when we become a party to the contractual provisions of the instrument.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Classification and measurement</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure financial instruments by grouping them into classes upon initial recognition, based on the purpose of the individual instruments. We initially measure all financial instruments at fair value plus, in the case of our financial instruments not classified as fair value through profit and loss (FVTPL) or FVTOCI, transaction costs that are directly attributable to the acquisition or issuance of the financial instruments. For derivatives designated as cash flow hedges for accounting purposes, the effective portion of the hedge is recognized in accumulated other comprehensive income and the ineffective portion of the hedge is recognized immediately into net income.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The classifications and methods of measurement subsequent to initial recognition of our financial assets and financial liabilities are as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Financial instrument</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Classification and measurement method</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial assets</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents </span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financing receivables</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investments, measured at FVTOCI</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTOCI with no reclassification to net income </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">1</span></div></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial liabilities</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Bank advances</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts payable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accrued liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">MLSE put liability</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Derivatives </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Debt derivatives </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTOCI and FVTPL</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expenditure derivatives</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> 4</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTOCI and FVTPL</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">5</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Subsidiary equity derivatives</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL</span></div></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Subsequently measured at fair value with changes recognized in the FVTOCI investment reserve.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Derivatives can be in an asset or liability position at a point in time historically or in the future.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Debt derivatives related to our US dollar-denominated credit facility and commercial paper borrowings have not been designated as hedges for accounting purposes and are measured at FVTPL. Debt derivatives related to our senior notes and debentures, subordinated notes, lease liabilities, and MLSE's credit facility borrowings are designated as hedges for accounting purposes and are measured at FVTOCI.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">4</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Certain expenditure derivatives acquired through the MLSE Transaction have not been designated as hedges for accounting purposes and are measured at FVTPL. All other expenditure derivatives are designated as hedges for accounting purposes and are measured at FVTOCI.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">5</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Subsequent changes are offset against stock-based compensation expense or recovery in "operating costs".</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The classifications and methods of measurement subsequent to initial recognition of our financial assets and financial liabilities are as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Financial instrument</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Classification and measurement method</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial assets</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents </span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financing receivables</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investments, measured at FVTOCI</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTOCI with no reclassification to net income </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">1</span></div></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial liabilities</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Bank advances</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts payable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accrued liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">MLSE put liability</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortized cost</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Derivatives </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Debt derivatives </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTOCI and FVTPL</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expenditure derivatives</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline"> 4</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTOCI and FVTPL</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">5</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Subsidiary equity derivatives</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">FVTPL</span></div></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Subsequently measured at fair value with changes recognized in the FVTOCI investment reserve.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Derivatives can be in an asset or liability position at a point in time historically or in the future.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Debt derivatives related to our US dollar-denominated credit facility and commercial paper borrowings have not been designated as hedges for accounting purposes and are measured at FVTPL. Debt derivatives related to our senior notes and debentures, subordinated notes, lease liabilities, and MLSE's credit facility borrowings are designated as hedges for accounting purposes and are measured at FVTOCI.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">4</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Certain expenditure derivatives acquired through the MLSE Transaction have not been designated as hedges for accounting purposes and are measured at FVTPL. All other expenditure derivatives are designated as hedges for accounting purposes and are measured at FVTOCI.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">5</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Subsequent changes are offset against stock-based compensation expense or recovery in "operating costs".</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use derivative instruments to manage risks related to certain activities in which we are involved. They include:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:20.403%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.358%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:33.939%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Derivatives</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">The risk they manage</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Types of derivative instruments</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Debt derivatives</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior and subordinated notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cross-currency interest rate exchange agreements<br/></span><span style="font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><br/></span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward cross-currency interest rate exchange agreements<br/></span><span style="font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><br/></span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward foreign exchange agreements</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expenditure derivatives</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated expenditures</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward foreign exchange agreements and foreign exchange option agreements</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in share price of our Class B Non-Voting Shares on stock-based compensation expense</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total return swap agreements</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Subsidiary equity derivatives</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in foreign exchange rates on our subsidiary equity investment</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cross-currency interest rate exchange agreements</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in market rates for electricity</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td></tr></table></div>We design and implement the risk management strategies discussed below to ensure our risks and the related exposures are consistent with our business objectives and risk tolerance. Below is a summary of our potential risk exposures by financial instrument.<div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:48.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:48.976%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Financial instrument</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Financial risks</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial assets</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit and foreign exchange</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit and foreign exchange</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financing receivables</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Investments, measured at FVTOCI</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity and foreign exchange</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial liabilities</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Bank advances</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity, foreign exchange, and interest rate</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accounts payable</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Accrued liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">MLSE put liability</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Long-term debt</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity, foreign exchange, and interest rate</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Liquidity and foreign exchange</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Derivatives </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Debt derivatives</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit, liquidity, and foreign exchange</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expenditure derivatives</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit, liquidity, and foreign exchange</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit, liquidity, and market price</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit, liquidity, and market price</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Subsidiary equity derivatives</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Credit, liquidity, and foreign exchange</span></div></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Derivatives can be in an asset or liability position at a point in time historically or in the future.</span></div>Below is a summary of our net (liability) asset position for our various derivatives and a summary of the derivative instruments assets and derivative instruments liabilities reflected on our Consolidated Statements of Financial Position.<div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.041%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.509%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.061%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="18" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2025</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional<br/>amount<br/>(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange<br/>rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional<br/>amount<br/>(Cdn$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value <br/>(Cdn$) </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives accounted for as cash flow hedges:</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,559 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.2373 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,590 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">787</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">47</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">740</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,763 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3449 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,440 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(645)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(632)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE interest rate swap</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market debt derivative asset</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">135</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives accounted for as cash flow hedges:</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,122 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3275 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,489 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,261 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3816 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,742 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(22)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives not accounted for as hedges:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">886 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3386 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,186 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(17)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market expenditure derivative liability</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(25)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(15)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives not accounted for as hedges:</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">173 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">84 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market equity derivative asset</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivatives not accounted for as hedges:</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3827 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,037 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3846 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,677 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(36)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(36)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market subsidiary equity derivative liability</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement not accounted </span></div><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">    for as hedges:</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market virtual power purchase agreement liability</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market asset</span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">47</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:37.546%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.129%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="18" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional<br/>amount<br/>(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange<br/>rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional<br/>amount<br/>(Cdn$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value <br/>(Cdn$) </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives accounted for as cash flow hedges: </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,116 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.2510 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,906 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">224 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">970 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,550 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3127 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,598 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(842)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(837)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term debt derivatives not accounted for as hedges:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">666 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.4282 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">952 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">696 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.4421 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,004 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market debt derivative asset</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">357 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">224 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">133 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives accounted for as cash flow hedges: </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As assets </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,590 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.3362 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,125 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market expenditure derivative asset</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives not accounted for as hedges:</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">320 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market equity derivative liability</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement not accounted </span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">    for as hedges:</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market power purchase agreement liability</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net mark-to-market asset</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">152 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Offsetting financial assets and financial liabilities</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We offset financial assets and financial liabilities and present the net amount on the Consolidated Statements of Financial Position when we have a legal right to offset them and intend to settle on a net basis or realize the asset and liability simultaneously.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Derivative instruments</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use derivative instruments to manage risks related to certain activities in which we are involved. They include:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:20.403%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:42.358%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:33.939%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Derivatives</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">The risk they manage</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Types of derivative instruments</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Debt derivatives</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in foreign exchange rates on principal and interest payments for US dollar-denominated senior and subordinated notes and debentures, credit facility borrowings, commercial paper borrowings, and certain lease liabilities</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cross-currency interest rate exchange agreements<br/></span><span style="font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><br/></span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward cross-currency interest rate exchange agreements<br/></span><span style="font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%"><br/></span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward foreign exchange agreements</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Expenditure derivatives</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in foreign exchange rates on forecast US dollar-denominated expenditures</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Forward foreign exchange agreements and foreign exchange option agreements</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in share price of our Class B Non-Voting Shares on stock-based compensation expense</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Total return swap agreements</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Subsidiary equity derivatives</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in foreign exchange rates on our subsidiary equity investment</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Cross-currency interest rate exchange agreements</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Impact of fluctuations in market rates for electricity</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use derivatives only to manage risk, and not for speculative purposes.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">When we designate a derivative instrument as a hedging instrument for accounting purposes, we first determine that the hedging instrument will be highly effective in offsetting the changes in fair value or cash flows of the item it is hedging. We then formally document the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy and the methods we will use to assess the ongoing effectiveness of the hedging relationship.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We assess, on a quarterly basis, whether each hedging instrument continues to be highly effective in offsetting the changes in the fair value or cash flows of the item it is hedging.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We assess host contracts to identify embedded derivatives. Embedded derivatives are separated from the host contract and accounted for as separate derivatives if the host contract is not a financial asset and certain criteria are met.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Hedge ratio</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our policy is to hedge 100% of the foreign currency risk arising from principal and interest payment obligations on US dollar-denominated senior notes and debentures using debt derivatives. We also hedge up to 100% of the remaining lease payments when we enter into debt derivatives on our US dollar-denominated lease liabilities. We typically hedge up to 100% of forecast foreign currency expenditures net of foreign currency cash inflows using expenditure derivatives. From time to time, we hedge up to 100% of the interest rate risk on forecast future senior note issuances using interest rate derivatives.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Hedging reserve</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The hedging reserve represents the accumulated change in fair value of our derivative instruments to the extent they were effective hedges for accounting purposes, less accumulated amounts reclassified into net income.</span></div> 1 1 1 1 <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Deferred transaction costs and discounts</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We defer transaction costs and discounts associated with issuing and amending long-term debt and direct costs we pay to lenders to obtain certain credit facilities and amortize them using the effective interest method over the life of the related instrument.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">FVTOCI investment reserve</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The FVTOCI investment reserve represents the accumulated change in fair value of our equity investments that are measured at FVTOCI less accumulated impairment losses related to the investments and accumulated amounts reclassified into equity.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Impairment (expected credit losses)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We consider the credit risk of a financial asset at initial recognition and at each reporting period thereafter until it is derecognized. For a financial asset that is determined to have low credit risk at the reporting date and that has not had significant increases in credit risk since initial recognition, we measure any impairment loss based on the credit losses we expect to recognize over the next one year from the date of the financial statements. For other financial assets, we will measure an impairment loss based on the lifetime expected credit losses. Certain assets, such as trade receivables, financing receivables, and contract assets without significant financing components, must always be recorded at lifetime expected credit losses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Lifetime expected credit losses are estimates of all possible default events over the expected life of a financial instrument. Twelve-month expected credit losses are estimates of all possible default events within one year of the reporting date or over the expected life of a financial instrument, whichever is shorter.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Financial assets that are significant in value are assessed individually. All other financial assets are assessed collectively based on the nature of each asset. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We measure impairment for financial assets as follows:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.5pt">contract assets </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">- we measure an impairment loss for contract assets based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 6);</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.5pt">accounts receivable</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> - we measure an impairment loss for accounts receivable based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 16);</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.5pt">financing receivables</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> - we measure an impairment loss for financing receivables based on the lifetime expected credit losses, which is allocated to an allowance for doubtful accounts and recognized as a loss in net income (see note 16); and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%;padding-left:13.5pt">investments measured at FVTOCI - </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">we measure an impairment loss for equity investments measured at FVTOCI as the excess of the cost to acquire the asset (less any impairment loss we have previously recognized) over its current fair value, if any. The difference is recognized in the FVTOCI investment reserve.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We consider financial assets to be in default when, in the case of contract assets, accounts receivable, and financing receivables, the counterparty is unlikely to satisfy its obligations to us in full. Our investments measured at FVTOCI cannot default. To determine if our financial assets are in default, we consider the amount of time for which the individual asset has </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">been outstanding, the reason for the amount being outstanding (for example, if the customer has ongoing service or, if they have been deactivated, whether voluntarily or involuntarily), and the risk profile of the underlying customers. We typically write off accounts receivable when they have been outstanding for a significant period of time.</span></div> 772000000 687000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the aging of our customer accounts receivable, including financing receivables, net of the respective allowances for doubtful accounts.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer accounts receivable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unbilled financing receivables</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,646</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,530 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 30 days past billing date</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,748</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,419 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30-60 days past billing date</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">351</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">334 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61-90 days past billing date</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">152</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">122 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Greater than 90 days past billing date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">168</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">131 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total customer accounts receivable (net of allowances of $258 and $226, respectively)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,065</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,536 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total contract assets (net of allowances of $1 and $1, respectively)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">253</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">268 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total customer accounts receivable and contract assets</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,318</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,804 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the activity related to our allowance for doubtful accounts on total customer accounts receivable and contract assets.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">227</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">213 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allowance for doubtful accounts expense</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">327</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">259 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquired in business combination</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net use</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(303)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(245)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Balance, end of year</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">259</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">227 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 3646000000 3530000000 1748000000 1419000000 351000000 334000000 152000000 122000000 168000000 131000000 258000000 226000000 6065000000 5536000000 1000000 1000000 253000000 268000000 6318000000 5804000000 227000000 213000000 327000000 259000000 8000000 0 303000000 245000000 259000000 227000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:45.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.551%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.975%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.118%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.077%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 to 5</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">cash flows</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 year</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 years</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,831 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,831 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,831 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,316 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,316 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,316 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,058 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,932 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,186 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,529 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,795 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,422 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,074 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">692 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">895 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">543 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,944 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term financial liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">443 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">443 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">241 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivative instruments:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,418 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,257 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,759 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">291 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,487)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,276)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,790)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(114)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(307)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivative instruments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivative instruments</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,321 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">962 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">962 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,916 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,651)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(533)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,065)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,065)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,988)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivative instruments accounted for as hedges:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,030 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">990 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,865 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,259 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,916 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(22,402)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,010)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,054)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,225)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15,113)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net carrying amount of derivatives (asset)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(97)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,669 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,797 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,906 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,233 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,336 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,322 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Reflects repayment of our subordinated notes on their respective at-par redemption dates (see note 25).</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:45.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.551%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.975%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.118%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.077%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2024</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 to 5</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">cash flows</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 year</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 years</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,059 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,059 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,059 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax payable</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,896 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42,886 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,696 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,970 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24,421 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,778 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">587 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,084 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,469 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term financial liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivative instruments:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,124 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,605 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">519 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,288)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,727)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(561)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivative instruments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivative instruments accounted for as hedges:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,506 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,572 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,565 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,684 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,685 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25,421)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,758)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,957)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,799)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,907)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivative instruments not accounted for as hedges:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,958 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,958 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,963)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,963)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net carrying amount of derivatives (asset)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(425)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51,342 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50,387 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,961 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,622 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,132 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,672 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Reflects repayment of our subordinated notes on their respective at-par redemption dates (see note 25).</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the undiscounted contractual maturities of our financial liabilities and the receivable components of our derivatives as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:45.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.551%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.975%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.118%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.077%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 to 5</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">cash flows</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 year</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 years</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,831 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,831 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,831 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,316 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,316 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,316 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,058 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,932 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,186 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,529 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,795 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,422 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,074 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">692 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">895 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">543 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,944 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term financial liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">443 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">443 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">241 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivative instruments:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,418 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,257 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,759 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">291 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,487)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,276)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,790)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(114)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(307)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivative instruments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivative instruments</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,321 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">962 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">962 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,916 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,651)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(533)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,065)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,065)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,988)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivative instruments accounted for as hedges:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,030 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">990 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,865 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,259 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,916 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(22,402)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,010)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,054)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,225)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15,113)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net carrying amount of derivatives (asset)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(97)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,669 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52,797 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,906 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,233 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,336 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,322 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Reflects repayment of our subordinated notes on their respective at-par redemption dates (see note 25).</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:45.967%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.551%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.975%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.118%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.170%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.077%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2024</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 to 5</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">cash flows</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 year</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 years</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,059 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,059 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,059 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax payable</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,896 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42,886 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,696 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,970 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24,421 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,778 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">587 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,084 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,469 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other long-term financial liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivative instruments:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,124 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,605 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">519 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,288)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,727)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(561)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivative instruments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivative instruments accounted for as hedges:</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,506 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,572 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,565 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,684 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,685 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25,421)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,758)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,957)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,799)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,907)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivative instruments not accounted for as hedges:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash outflow (Canadian dollar)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,958 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,958 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash inflow (Canadian dollar equivalent of US dollar) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,963)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,963)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net carrying amount of derivatives (asset)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(425)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51,342 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50,387 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,961 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,622 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,132 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,672 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Reflects repayment of our subordinated notes on their respective at-par redemption dates (see note 25).</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Represents Canadian dollar equivalent amount of US dollar inflows matched to an equal amount of US dollar maturities in long-term debt for debt derivatives.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2025. This reflects repayment of our subordinated notes on their respective at-par redemption dates.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:69.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.525%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,186 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,614 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,915 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,575 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2030</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,220 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,422 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total long-term debt</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,932 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2025.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:29.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.888%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">After </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars) </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 Year </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1-3 Years </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4-5 Years </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 Years </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total </span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Player contracts </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">566 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">811 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">359 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">215 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,951 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase obligations </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">910 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">940 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">995 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,326 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Program rights </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,157 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,174 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,159 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,608 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total commitments</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,633 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,869 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,014 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,369 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,885 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Professional sports players' salary contracts into which we have entered and are contractually obligated to pay.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Contractual obligations under service, product, and wireless device contracts to which we have committed. </span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Agreements into which we have entered to acquire broadcasting rights for periods in excess of one year at contract inception.</span></div> 4000000000 4000000000 4000000000 0 0 0 4831000000 4831000000 4831000000 0 0 0 3316000000 3316000000 3316000000 0 0 0 37058000000 37932000000 3186000000 6529000000 6795000000 21422000000 3118000000 4074000000 692000000 895000000 543000000 1944000000 443000000 443000000 0 132000000 70000000 241000000 0 4418000000 2257000000 1759000000 111000000 291000000 0 4487000000 2276000000 1790000000 114000000 307000000 0 -28000000 -28000000 0 0 0 0 10321000000 481000000 962000000 962000000 7916000000 0 10651000000 533000000 1065000000 1065000000 7988000000 0 21030000000 990000000 2865000000 3259000000 13916000000 0 22402000000 1010000000 3054000000 3225000000 15113000000 97000000 52669000000 52797000000 15906000000 7233000000 7336000000 22322000000 2959000000 2959000000 2959000000 0 0 0 4059000000 4059000000 4059000000 0 0 0 26000000 26000000 26000000 0 0 0 41896000000 42886000000 3696000000 8970000000 5799000000 24421000000 2778000000 3546000000 587000000 1084000000 406000000 1469000000 49000000 49000000 1000000 2000000 42000000 4000000 0 2124000000 1605000000 519000000 0 0 0 2288000000 1727000000 561000000 0 0 0 -54000000 -54000000 0 0 0 0 22506000000 2572000000 3565000000 1684000000 14685000000 0 25421000000 2758000000 3957000000 1799000000 16907000000 0 1958000000 1958000000 0 0 0 0 1963000000 1963000000 0 0 0 425000000 51342000000 50387000000 10961000000 9622000000 6132000000 23672000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the net interest payments over the life of the long-term debt, including the impact of the associated debt derivatives, as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:19.381%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.782%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 1 year</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3 years</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 to 5 years</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than 5 years</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest payments</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,861 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,174 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,674 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,912 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:19.381%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.782%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2024</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 1 year</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3 years</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 to 5 years</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than 5 years</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest payments</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,925 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,303 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,528 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,480 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 1861000000 3174000000 2674000000 11912000000 1925000000 3303000000 2528000000 13480000000 0.38 0.891 0.908 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a sensitivity analysis for significant exposures with respect to our expenditure derivatives, debt derivatives, interest rate derivatives, short-term borrowings, senior notes, and bank credit facilities as at December 31, 2025 and 2024 with all other variables held constant. It shows how net income and other comprehensive income would have been affected by changes in the relevant risk variables.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:50.779%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.931%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> Net income </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other comprehensive income</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Change in millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives - change in foreign exchange rate</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$0.01 change in Cdn$ relative to US$</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term borrowings</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1% change in interest rates</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bank credit facilities (floating) </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1% change in interest rates</span></div></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 0.01 7000000 0 18000000 12000000 0.01 29000000 22000000 0 0 0.01 3000000 7000000 0 0 8559000000 1.2373 10590000000 787000000 47000000 740000000 7763000000 1.3449 10440000000 645000000 13000000 632000000 0 0 300000000 7000000 0 7000000 135000000 34000000 101000000 1122000000 1.3275 1489000000 20000000 15000000 5000000 1261000000 1.3816 1742000000 28000000 22000000 6000000 886000000 1.3386 1186000000 17000000 3000000 14000000 25000000 10000000 15000000 0 0 173000000 37000000 37000000 0 0 0 84000000 9000000 9000000 0 28000000 28000000 0 750000000 1.3827 1037000000 1000000 0 1000000 4100000000 1.3846 5677000000 36000000 0 36000000 35000000 0 35000000 0 0 0 6000000 2000000 4000000 -6000000 2000000 4000000 97000000 50000000 47000000 11116000000 1.2510 13906000000 1194000000 224000000 970000000 6550000000 1.3127 8598000000 842000000 5000000 837000000 666000000 1.4282 952000000 7000000 7000000 0 696000000 1.4421 1004000000 2000000 2000000 0 357000000 224000000 133000000 1590000000 1.3362 2125000000 132000000 105000000 27000000 132000000 105000000 27000000 0 0 320000000 54000000 54000000 0 -54000000 54000000 0 0 0 0 10000000 2000000 8000000 -10000000 2000000 8000000 425000000 273000000 152000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the net cash proceeds on debt derivatives and subsidiary equity derivatives.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:70.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.886%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on debt derivatives related to US commercial paper</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,175</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,478 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on debt derivatives related to credit facility borrowings</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,171</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,368 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on debt derivatives related to senior notes and debentures</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,815</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on subsidiary equity derivatives</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29,447</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on debt derivatives related to lease liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">203</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">203 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total proceeds on debt derivatives</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50,811</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,049 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on debt derivatives related to US commercial paper</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,176)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,466)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on debt derivatives related to credit facility borrowings</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(15,203)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(23,280)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on debt derivatives related to senior notes and debentures</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,743)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on subsidiary equity derivatives</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(29,379)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on debt derivatives related to lease liabilities </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(196)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(196)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total payments on debt derivatives</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(50,697)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25,942)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds on settlement of debt derivatives and subsidiary equity derivatives</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">114</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    We initially entered into the subsidiary equity derivatives based on an anticipated closing date. Between that time and the June 20 closing date of the network transaction, we received net cash proceeds of $44 million as we extended the derivatives. Subsequent to closing, net cash proceeds of $24 million were received.</span></div> 1175000000 2478000000 15171000000 23368000000 4815000000 0 29447000000 0 203000000 203000000 50811000000 26049000000 1176000000 2466000000 15203000000 23280000000 4743000000 0 29379000000 0 196000000 196000000 50697000000 25942000000 114000000 107000000 44000000 24000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the changes in fair value of our derivative instruments for 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:23.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.772%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.674%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.975%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.824%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.772%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.772%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.072%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.527%"></td><td style="width:0.1%"></td></tr><tr style="height:20pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives (hedged)</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives (unhedged)</span></td><td colspan="3" style="display:none"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives (hedged)</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives (unhedged)</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivatives</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total instruments</span></td></tr><tr style="height:20pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">352 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">425</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from settlement of derivatives</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,018)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16,346)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,982)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(63)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29,447)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(52,856)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payment on derivatives settled</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,939 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,379 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,908 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,379 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52,731</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Decrease) increase in fair value of derivatives</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(138)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(38)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(66)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(203)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments, end of year</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">135 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market asset</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">787 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">845</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(652)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(36)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(748)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market asset (liability)</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">135 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:35.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.560%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.560%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.359%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.161%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.564%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives (hedged)</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives (unhedged)</span></td><td colspan="3" style="display:none"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total instruments</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments, beginning of year</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(470)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(101)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(538)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from settlement of derivatives</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(203)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25,846)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,640)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(27,690)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payment on derivatives settled</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">196 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,746 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,590 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,534 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase (decrease) in fair value of derivatives</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">829 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">206 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">197 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(102)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,119 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments, end of year</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">352 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market asset</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,333 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(842)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(908)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mark-to-market asset (liability)</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">352 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 352000000 5000000 132000000 0 -54000000 0 -10000000 425000000 5018000000 16346000000 1982000000 63000000 0 29447000000 0 52856000000 4939000000 16379000000 1908000000 63000000 60000000 29379000000 3000000 52731000000 -138000000 -38000000 -66000000 -17000000 22000000 33000000 1000000 -203000000 135000000 0 -8000000 -17000000 28000000 -35000000 -6000000 97000000 787000000 0 20000000 0 37000000 1000000 0 845000000 652000000 0 28000000 17000000 9000000 36000000 6000000 748000000 135000000 0 -8000000 -17000000 28000000 -35000000 -6000000 97000000 -470000000 -101000000 -15000000 48000000 0 -538000000 203000000 25846000000 1640000000 0 1000000 27690000000 196000000 25746000000 1590000000 0 2000000 27534000000 829000000 206000000 197000000 -102000000 -11000000 1119000000 352000000 5000000 132000000 -54000000 -10000000 425000000 1194000000 7000000 132000000 0 0 1333000000 842000000 2000000 0 54000000 10000000 908000000 352000000 5000000 132000000 -54000000 -10000000 425000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During 2025 and 2024, we entered and settled debt derivatives related to our credit facility borrowings and US CP program as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.299%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.158%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.158%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.158%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.308%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.161%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" style="border-right:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional </span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange rate</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (Cdn$)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional </span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange rate</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Credit facilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives entered</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,825</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.394</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,695</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,943 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.366 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,407 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives settled</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,873</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.395</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,171</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,136 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,368 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash (paid) received on settlement</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(32)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">US commercial paper program</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives entered</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">517</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.410</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">729</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,008 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.374 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,758 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives settled</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">831</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.414</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,175</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,807 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.371 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,478 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash (paid) received on settlement</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:16.918%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.966%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.863%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.566%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.652%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.119%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except for coupon and interest rates)</span></td><td colspan="3" style="border-right:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US$</span></td><td colspan="3" style="border-right:0.5pt solid #000000;padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Hedging effect</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effective date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal/Notional amount (US$)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maturity date</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Coupon rate</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed hedged (Cdn$) interest rate </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equivalent (Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">2025 issuances</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 12, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2055</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.440 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,575 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 12, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2055</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.125 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.862 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,432 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">2024 issuances</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 9, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.735 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,684 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 9, 2024</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2034</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.300 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.107 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,683 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During 2025 and 2024, we entered and settled debt derivatives related to our outstanding lease liabilities as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.549%"><tr><td style="width:1.0%"></td><td style="width:40.076%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.703%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.709%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="9" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (US$)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange rate</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (Cdn$)</span></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (US$)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange rate</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional (Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives entered</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">241</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.378</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">332</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">271 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.369 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">371 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives settled</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">247</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.352</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">334</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">214 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.322 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">283 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 9825000000 1.394 13695000000 14943000000 1.366 20407000000 10873000000 1.395 15171000000 17136000000 1.364 23368000000 -32000000 87000000 517000000 1.410 729000000 2008000000 1.374 2758000000 831000000 1.414 1175000000 1807000000 1.371 2478000000 -1000000 13000000 300000000 0.0355 0 1048000000 314000000 1.439 1.423 1100000000 0.07000 0.05440 1575000000 1000000000 0.07125 0.05862 1432000000 1250000000 0.05000 0.04735 1684000000 1250000000 0.05300 0.05107 1683000000 15911000000 17250000000 1.287 1.272 1000000000 0.0295 95000000 700000000 0.03625 25000000 241000000 1.378 332000000 271000000 1.369 371000000 247000000 1.352 334000000 214000000 1.322 283000000 410000000 416000000 1.365 1.349 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following table provides further details on our outstanding foreign currency forward contracts and options as at December 31, 2025 and 2024.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.549%"><tr><td style="width:1.0%"></td><td style="width:15.642%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.553%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.005%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:33.441%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(in millions of dollars)</span></div></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></div></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Type of hedge</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount to receive (US$)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount to pay (Cdn$)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amount to receive (US$)</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amount to pay (Cdn$)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maturity</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Hedged item</span></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,200 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,605 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,429</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,955</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">390 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">519 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">609</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">826</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">40</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">54</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">305</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">397</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026 - 2039</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Future Toronto Blue Jays player compensation</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">216</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">285</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">420</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">565</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">205</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">275</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Economic</span></div></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">61</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Anticipated purchases</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 0 0 1200000000 1605000000 1429000000 1955000000 390000000 519000000 609000000 826000000 0 0 40000000 54000000 0 0 305000000 397000000 0 0 216000000 285000000 0 0 420000000 565000000 0 0 205000000 275000000 0 0 45000000 61000000 0 0 P1Y P1Y 5500000 6000000.0 46.81 53.27 1500000 35.32 22000000 2300000 38000000 1000000 50.98 53.27 4850000000 6700000000 0.08 0.0716 44000000 24000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the financial instruments carried at fair value.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:54.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.260%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-bottom:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="12" style="border-bottom:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="6" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value</span></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value (Level 2)</span></td><td colspan="6" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value (Level 3)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial assets</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments, measured at FVTOCI:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments in private companies</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Held-for-trading:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">787</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">787</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total financial assets</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,057</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,461 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">845</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,333 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt (including current portion)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,058</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,896 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36,523</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39,765 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Held-for-trading:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">645</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">842 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">645</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">842 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE interest rate swap</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives not accounted as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivatives not accounted for as hedges </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement not accounted for as a hedge</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total financial liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,122</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42,804 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,271</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40,673 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the financial instruments carried at fair value.</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:54.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.260%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-bottom:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="12" style="border-bottom:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="6" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Carrying value</span></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value (Level 2)</span></td><td colspan="6" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value (Level 3)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial assets</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments, measured at FVTOCI:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments in private companies</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Held-for-trading:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">787</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">787</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,194 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total financial assets</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,057</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,461 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">845</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,333 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt (including current portion)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,058</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,896 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36,523</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39,765 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Held-for-trading:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">645</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">842 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">645</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">842 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE interest rate swap</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives accounted for as cash flow hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 21.25pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenditure derivatives not accounted for as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivatives not accounted as hedges</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subsidiary equity derivatives not accounted for as hedges </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Virtual power purchase agreement not accounted for as a hedge</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total financial liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,122</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42,804 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,271</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40,673 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 212000000 128000000 0 0 212000000 128000000 787000000 1194000000 787000000 1194000000 0 0 0 7000000 0 7000000 0 0 20000000 132000000 20000000 132000000 0 0 37000000 0 37000000 0 0 0 1000000 0 1000000 0 0 0 1057000000 1461000000 845000000 1333000000 212000000 128000000 37058000000 41896000000 36523000000 39765000000 0 0 3316000000 0 0 0 3316000000 0 645000000 842000000 645000000 842000000 0 0 7000000 0 7000000 0 0 0 0 2000000 0 2000000 0 0 28000000 0 28000000 0 0 0 17000000 0 17000000 0 0 0 9000000 54000000 9000000 54000000 0 0 36000000 0 36000000 0 0 0 6000000 10000000 6000000 10000000 0 0 41122000000 42804000000 37271000000 40673000000 3316000000 0 2 P15D P60D P90D P30D P45D <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The following table presents additional information about the carrying amounts of our accounts payable and accrued liabilities subject to our supplier finance arrangements.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.302%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.874%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2025</span></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31, 2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Presented within accounts payable and accrued liabilities</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">289</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">for which suppliers have received payment from the finance provider</span></div></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">267</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">264 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 289000000 273000000 267000000 264000000 INVESTMENTS<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Investments in private companies</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have elected to irrevocably classify our investments in the companies over which we do not have control or significant influence as FVTOCI with no subsequent reclassification to net income because we do not hold these investments with the intent of short-term trading. We account for them at fair value using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Investments in associates and joint arrangements</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">An entity is an associate when we have significant influence over the entity's financial and operating policies but do not control the entity. We are generally presumed to have significant influence over an entity when we hold more than 20% of the voting power.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">A joint arrangement exists when there is a contractual agreement that establishes joint control over activities and requires unanimous consent for strategic financial and operating decisions. We classify our interests in joint arrangements into one of two categories:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">joint ventures - when we have the rights to the net assets of the arrangement; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">joint operations - when we have the rights to the assets and obligations for the liabilities related to the arrangement.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use the equity method to account for our investments in associates and joint ventures; we recognize our proportionate interest in the assets, liabilities, revenue, and expenses of our joint operations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We initially recognize our investments in associates and joint ventures at cost and subsequently increase or decrease the carrying amounts based on our share of each entity's income or loss. Distributions we receive from these entities reduce the carrying amounts of our investments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We eliminate unrealized gains and losses from our investments in associates or joint ventures against our investments, up to the amount of our interest in the entities.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Impairment in associates and joint ventures</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">At the end of each reporting period, we assess whether there is objective evidence that impairment exists in our investments in associates and joint ventures. If objective evidence exists, we compare the carrying amount of the investment to its recoverable amount and recognize the excess over the recoverable amount, if any, as a loss in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Prior to the MLSE Transaction closing, significant estimates were required in determining the fair value of our joint venture's obligation to purchase at fair value the non-controlling interest in MLSE. After the MLSE Transaction closing, this obligation is recognized in our Consolidated Statement of Financial Position as discussed in note 3.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">INVESTMENTS BY TYPE</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments in private companies, measured at FVTOCI</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments, associates and joint ventures</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,079</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">487 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total investments</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,291</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">615 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">INVESTMENTS, ASSOCIATES AND JOINT VENTURES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have (or had) interests in a number of associates and joint ventures, some of which include:</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Maple Leaf Sports and Entertainment Limited (MLSE)</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Prior to the MLSE Transaction closing, we, along with BCE Inc. (Bell), jointly owned an indirect net 75% equity interest in MLSE with our portion having represented a 37.5% equity interest in MLSE. Our investment in MLSE was accounted for as a joint venture using the equity method until the MLSE Transaction closed.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Glentel</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Glentel is a large, multicarrier mobile phone retailer with several hundred Canadian wireless retail distribution outlets. We own a 50% equity interest in Glentel, with the remaining 50% interest owned by Bell. Our investment in Glentel is accounted for as a joint venture using the equity method.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Other</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As a result of the MLSE Transaction, we acquired the following investment interests in associates, the values of which are included in "Investments, associates and joint ventures" in the table above:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">a 46% ownership interest in Live Nation Ontario Concerts L.P., a corporation that presents, produces, and promotes music, comedy, family, and skating events in Ontario;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">a 37.5% ownership interest in York Bremner Developments Limited, a corporation that owns and operates Maple Leaf Square, a mixed-use real estate development in Toronto, Ontario; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">a 33.75% ownership interest in York Bremner Hotel Leaseholds Limited, a corporation that owns and operates a boutique hotel located at Maple Leaf Square.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at or years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">599</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">749 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,332</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,584 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(486)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,234)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(307)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,395)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total net assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,138</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(296)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Our share of net assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,060</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(99)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,837</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,731 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenses</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,719)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,473)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">118</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(742)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Our share of net income (loss) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(376)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    MLSE activity is included prior to July 1, 2025 when the MLSE Transaction closed and activity related to MLSE's associates is included from July 1, 2025.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Investments in private companies</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have elected to irrevocably classify our investments in the companies over which we do not have control or significant influence as FVTOCI with no subsequent reclassification to net income because we do not hold these investments with the intent of short-term trading. We account for them at fair value using implied valuations from follow-on financing rounds, third-party sale negotiations, or market-based approaches.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Investments in associates and joint arrangements</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">An entity is an associate when we have significant influence over the entity's financial and operating policies but do not control the entity. We are generally presumed to have significant influence over an entity when we hold more than 20% of the voting power.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">A joint arrangement exists when there is a contractual agreement that establishes joint control over activities and requires unanimous consent for strategic financial and operating decisions. We classify our interests in joint arrangements into one of two categories:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">joint ventures - when we have the rights to the net assets of the arrangement; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">joint operations - when we have the rights to the assets and obligations for the liabilities related to the arrangement.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use the equity method to account for our investments in associates and joint ventures; we recognize our proportionate interest in the assets, liabilities, revenue, and expenses of our joint operations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We initially recognize our investments in associates and joint ventures at cost and subsequently increase or decrease the carrying amounts based on our share of each entity's income or loss. Distributions we receive from these entities reduce the carrying amounts of our investments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We eliminate unrealized gains and losses from our investments in associates or joint ventures against our investments, up to the amount of our interest in the entities.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Impairment in associates and joint ventures</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">At the end of each reporting period, we assess whether there is objective evidence that impairment exists in our investments in associates and joint ventures. If objective evidence exists, we compare the carrying amount of the investment to its recoverable amount and recognize the excess over the recoverable amount, if any, as a loss in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Prior to the MLSE Transaction closing, significant estimates were required in determining the fair value of our joint venture's obligation to purchase at fair value the non-controlling interest in MLSE. After the MLSE Transaction closing, this obligation is recognized in our Consolidated Statement of Financial Position as discussed in note 3.</span></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments in private companies, measured at FVTOCI</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments, associates and joint ventures</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,079</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">487 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total investments</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,291</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">615 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 212000000 128000000 1079000000 487000000 1291000000 615000000 0.75 0.375 0.50 0.50 0.46 0.375 0.3375 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at or years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">599</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">749 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,332</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,584 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(486)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,234)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(307)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,395)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total net assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,138</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(296)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Our share of net assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,060</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(99)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,837</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,731 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenses</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,719)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,473)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">118</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(742)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Our share of net income (loss) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(376)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    MLSE activity is included prior to July 1, 2025 when the MLSE Transaction closed and activity related to MLSE's associates is included from July 1, 2025.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of financial information pertaining to our significant associates and joint ventures and our portions thereof.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at or years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">599</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">749 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,332</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,584 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(486)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,234)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(307)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,395)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total net assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,138</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(296)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Our share of net assets</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,060</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(99)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,837</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,731 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenses</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,719)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,473)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income (loss)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">118</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(742)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Our share of net income (loss) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(376)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    MLSE activity is included prior to July 1, 2025 when the MLSE Transaction closed and activity related to MLSE's associates is included from July 1, 2025.</span></div> 599000000 749000000 2332000000 3584000000 486000000 1234000000 307000000 3395000000 2138000000 -296000000 1060000000 -99000000 2837000000 2731000000 2719000000 3473000000 118000000 -742000000 50000000 -376000000 OTHER LONG-TERM ASSETS<div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.665%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.716%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pension asset</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">27</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">217</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term receivables</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">443</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">124 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred player compensation</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">473</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred contract costs</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">450</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">336 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract assets</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residual value return provision asset</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">158</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">162 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term prepaid expenses</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">161</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">106 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other long-term assets</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,052</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,027 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.665%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.716%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pension asset</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">27</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">217</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term receivables</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">443</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">124 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred player compensation</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">473</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred contract costs</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">450</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">336 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract assets</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residual value return provision asset</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">158</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">162 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term prepaid expenses</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">161</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">106 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other long-term assets</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,052</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,027 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 217000000 183000000 443000000 124000000 473000000 0 450000000 336000000 102000000 97000000 158000000 162000000 161000000 106000000 48000000 19000000 2052000000 1027000000 SHORT-TERM BORROWINGS<div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.972%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.863%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables securitization program</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US commercial paper program (net of the discount on issuance)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">452 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-revolving credit facility borrowings (net of the discount on issuance)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">507 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total short-term borrowings</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.549%"><tr><td style="width:1.0%"></td><td style="width:46.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.497%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.497%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.497%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.497%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.497%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.499%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" style="border-right:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from receivables securitization</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">400</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repayment of receivables securitization</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(400)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(400)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 10.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds received from receivables securitization</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">400 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from US commercial paper</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">517</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.410</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">729</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,009 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.373 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,759 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repayment of US commercial paper</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(835)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.413</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,180)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,819)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.371 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,494)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 10.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (repayment of) proceeds received from US commercial paper</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(451)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">265 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from non-revolving credit facilities (Cdn$) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from non-revolving credit facilities (US$) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,397</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.386</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,479</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,899 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.378 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,996 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repayment of non-revolving credit facilities (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,749)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.393</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,007)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,547)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.383 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,523)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds received from non-revolving credit facilities</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,472</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">473 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds received from short-term borrowings</span></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,021</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,138 </span></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Borrowings under our non-revolving facility matured and are (were, for the US$ facility) reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">RECEIVABLES SECURITIZATION PROGRAM</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We participate in a receivables securitization program with a group of Canadian financial institutions that allows us to sell certain receivables into the program. The maximum potential proceeds under the receivables securitization program is $2.4 billion.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We continue to service and retain substantially all of the risks and rewards relating to the receivables we sell, and therefore, the receivables remain recognized on our Consolidated Statements of Financial Position and the funding received is recognized as "short-term borrowings". The terms of our receivables securitization program are committed until its expiry, which we extended in 2025 to an expiration date of July 31, 2028. The buyers' interests in these trade receivables ranks ahead of our interest. The program restricts us from using the receivables as collateral. The buyers of our trade receivables have no claim on any of our other assets.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.015%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.342%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.343%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables sold to buyer as security</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,251</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,186 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term borrowings from buyer</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,000)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,000)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Overcollateralization</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,251</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,186 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:2pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.969%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.366%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables securitization program, beginning of year</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,600 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds received from receivables securitization</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables securitization program, end of year</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">US COMMERCIAL PAPER PROGRAM</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have a US CP program that allows us to issue up to a maximum aggregate principal amount of US$1.5 billion. Funds can be borrowed under this program with terms to maturity ranging from 1 to 397 days, subject to ongoing market conditions. Issuances made under the US CP program are issued at a discount. Borrowings under our US CP program are classified as "short-term borrowings" on our Consolidated Statements of Financial Position when they are due within one year of the date of the financial statements.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the activity relating to our US CP program for the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.477%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.684%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" style="border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US commercial paper, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">314</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.439</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">452</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">113 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.327 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (repayment of) proceeds received from US commercial paper</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(318)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.418</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(451)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">190 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.395 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">265 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discounts on issuance </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">n/m</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loss (gain) on foreign exchange </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US commercial paper, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">314 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.439 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">452 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">n/m - not meaningful</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Included in "finance costs". </span></div><div style="margin-top:3pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Concurrent with the US CP borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings under the US CP program (see note 19). We did not designate these debt derivatives as hedges for accounting purposes.</span></div><div><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">NON-REVOLVING CREDIT FACILITIES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In March 2024, we borrowed US$185 million ($250 million) under our $500 million non-revolving credit facility. In April 2024, we borrowed an additional US$184 million ($250 million) under the facility, resulting in it being fully drawn. In April 2025, we repaid the outstanding balance of US$349 million ($500 million) and terminated the facility. The related debt derivatives were also settled concurrently.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In July 2025, we entered into two non-revolving credit facilities with an aggregate limit of $2 billion and borrowed $2 billion under these facilities maturing in July 2026.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the activity relating to our non-revolving credit facilities for the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.969%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.366%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-revolving credit facility, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">507</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds received from non-revolving credit facilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,472</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">473 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loss on foreign exchange </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-revolving credit facility, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">507 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Included in "finance costs".</span></div><div style="margin-top:3pt;padding-left:4.5pt;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Concurrent with the US dollar-denominated credit facility borrowings, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings (see note 19). These debt derivatives were not designated as hedges for accounting purposes.</span></div>LONG-TERM DEBT<div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.798%"><tr><td style="width:1.0%"></td><td style="width:30.662%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.082%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.091%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.258%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.042%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.641%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.494%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except interest rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Par call date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Due date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal amount</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bank credit facilities (Cdn$ portion)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">415</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Term loan facility</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,001 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Canada Infrastructure Bank credit facility </span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2052</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">134</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.950 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,439 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.625 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,007 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.650 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.900 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">686</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">718 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2027</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">300</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jan 2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2027</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.650 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.200 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,784</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,871 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2028</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2028</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jan 2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,716</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2029</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">May 2029</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">700</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2029</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">159 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">159</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jul 2030</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2030</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2030</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2030</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">210 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.900 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">210</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2031</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2032</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,745</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,878 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jan 2032</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2032</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior debentures </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">May 2032</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">275</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">288 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jun 2033</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2033</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.900 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2033</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2034</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,716</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2038</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">350 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">480</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">504 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2039</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.680 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2039</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,450 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,450</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,450 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2040</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2040</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.110 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">800</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2040</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2041</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.560 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">400</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2041</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2042</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,029</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,079 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2042</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2043</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">382 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">524</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">719 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2043</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Oct 2043</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">650 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.450 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">892</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">935 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2043</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2044</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">752 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,032</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,511 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2047</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2048</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">506 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">694</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,079 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2048</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">May 2049</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">630 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.350 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">865</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">May 2049</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2049</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">541 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">743</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,439 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jun 2049</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2049</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2051</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2052</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.550 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,745</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,878 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Oct 2051</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2052</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2030</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2055</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,510</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2035</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2055</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.125 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,373</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2030</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2055</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.625 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2081</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated notes</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 3</span></div></td><td colspan="3" style="padding:2px 1.75pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2082</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,029</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,079 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,932</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42,886 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred transaction costs and discounts</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(795)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(951)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred government grant liability </span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(79)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(39)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less current portion</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,186)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,696)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total long-term debt</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35,872</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,200 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2025 and 2024.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2025 and 2024.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">The subordinated notes can be redeemed at par on the noted par call date or on any subsequent interest payment date.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Each of the above senior notes and debentures are unsecured and, as at December 31, 2025, were guaranteed by RCCI, ranking equally with all of RCI's other senior notes, debentures, bank credit facilities, and letter of credit facilities. We use derivatives to hedge the foreign exchange risk associated with the principal and interest components of all of our US dollar-denominated senior notes and debentures (see note 19).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.659%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.659%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.963%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" style="border-right:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit facility borrowings (Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">216</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit facility borrowings (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,325</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.367</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,811</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total credit facility borrowings</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,027</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit facility repayments (Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(30)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit facility repayments (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,325)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.361</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,803)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total credit facility repayments</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,833)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net borrowings under credit facilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">194</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Term loan facility net borrowings (US$) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">n/m</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/m</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Term loan facility net repayments (US$)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(697)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.380</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(962)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,553)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.352 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,452)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net repayments under term loan facility</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(956)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,434)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior note issuances (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.347 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,367 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total senior note issuances</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,367 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior note repayments (Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,397)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,100)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior note repayments (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,112)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.390</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,326)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total senior note repayments</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,723)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,100)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (repayment) issuance of senior notes</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,723)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,267 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated note issuances (Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated note issuances (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,100</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.432</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,007</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total subordinated note issuances</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,007</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net repayment of long-term debt</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,478)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,103)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt, beginning of year</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,896</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40,855 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (repayment) issuance of long-term debt</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,478)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,103)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount on principal amount of senior notes repurchased in connection with tender offer</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(504)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase in government grant liability related to Canada Infrastructure Bank facility</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(43)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(39)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt assumed through the MLSE Transaction</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">298</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Gain) loss on foreign exchange</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,272)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,094 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred transaction costs derecognized (incurred)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">31</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(52)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization of deferred transaction costs</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">141 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt, end of year</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,058</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,896 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,186</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,696 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35,872</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,200 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt, end of year</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,058</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,896 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">WEIGHTED AVERAGE INTEREST RATE</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As at December 31, 2025, our effective weighted average interest rate on all debt and short-term borrowings, including the effect of all of the associated debt derivatives and interest rate derivatives, was 4.78% (2024 - 4.61%).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">BANK CREDIT AND LETTER OF CREDIT FACILITIES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our $4.3 billion revolving credit facilities are available on a fully revolving basis until maturity and there are no scheduled reductions prior to maturity. The interest rate charged on borrowings from the revolving credit facilities ranges from nil to 1.25% per annum over the bank prime rate or base rate, or 0.85% to 2.25% over the adjusted term Secured Overnight Financing Rate (SOFR) or Canadian Overnight Repo Rate Average (CORRA).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In April 2024, we amended our revolving credit facility to further extend the maturity date of the $3 billion tranche to April 2029, from January 2028, and the $1 billion tranche to April 2027, from January 2026.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In September 2025, we amended the terms of our revolving credit facility to, among other things, extend the maturity date of the $3 billion tranche to September 2030, from April 2029, and the $1 billion tranche to September 2028, from April 2027. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In February 2024, we used the proceeds from the issuance of US$2.5 billion of senior notes (see "Issuance of senior and subordinated notes and related debt derivatives" below) to repay $3.4 billion of our $6 billion term loan facility. In June 2025, we repaid the $1 billion outstanding under the April 2026 tranche of the term loan and terminated the facility.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have an $815 million senior unsecured non-revolving credit facility with a fixed 1% interest rate with Canada Infrastructure Bank. The credit facility can only be drawn upon to finance broadband service expansion projects to underserved communities under the Universal Broadband Fund. In 2023, we amended the terms of the facility to, among other things, increase the limit from $665 million. As at December 31, 2025, we had drawn $134 million on the credit facility and have recognized a government grant liability of $79 million related to this loan.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The benefit of a below-market loan from a government entity is accounted for as a government grant and is equal to the difference between (i) the present value of the cash flows at the time of borrowing based on a market interest rate and (ii) the proceeds received. We recognize the difference within "other current liabilities" (when the grant will be recognized within one year of the date of the financial statements) or "other long-term liabilities" on our Consolidated Statements of Financial Position. The liability is subsequently measured at amortized cost using the effective interest method. The interest expense on the liability will be represented by the accretion of the loan liability over time. The government grant will be recognized as a reduction of the interest expense over the term of the loan.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In July 2025, to partially fund the MLSE Transaction, we borrowed US$1.3 billion ($1.8 billion) under our revolving credit facility (which was subsequently repaid using the proceeds from the network transaction) and US$1.5 billion ($2 billion) under two new $1 billion non-revolving credit facilities that mature in July 2026 (the borrowings under which are recognized within "short-term borrowings" on our consolidated statement of financial position).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Through the MLSE Transaction, we assumed MLSE's revolving and non-revolving credit facilities. The revolving credit facility has a borrowing limit of $260 million and matures in June 2028. During the year ended December 31, 2025, we borrowed $115 million under the MLSE revolving credit facility. The non-revolving credit facility has a borrowing limit of $300 million, </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">is fully drawn (reflected in "Long-term debt assumed through the MLSE Transaction" in the table above), and matures in June 2028. MLSE had entered into an interest rate swap to convert the floating interest rate on the borrowings under the non-revolving credit facility to a fixed interest rate (see note 19 for more information). Both of MLSE's credit facilities are secured by a first charge on Scotiabank Arena and all personal property of MLSE, subject to certain exceptions.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">SENIOR AND SUBORDINATED NOTES AND DEBENTURES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We pay interest on all of our fixed-rate senior and subordinated notes and debentures on a semi-annual basis.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have the option to redeem each of our fixed-rate senior notes and debentures, in whole or in part, at any time, if we pay the premiums specified in the corresponding agreements.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The US$1 billion subordinated note issued in February 2025 can be redeemed at par on its ten-year anniversary or on any subsequent interest payment date. Each of our other subordinated notes can be redeemed at par on their respective five-year anniversary or on any subsequent interest payment date. The subordinated notes are unsecured and subordinated obligations of RCI. Payment on these notes will, under certain circumstances, be subordinated to the prior payment in full of all of our senior indebtedness, including our senior notes, debentures, and bank credit facilities. In addition, upon the occurrence of certain events involving a bankruptcy or insolvency of RCI, the outstanding principal and interest of the subordinated notes due in 2081 and 2082 would automatically convert into preferred shares. The subordinated notes issued in February 2025 do not contain a conversion feature.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ISSUANCE OF SENIOR AND SUBORDINATED NOTES AND RELATED DEBT DERIVATIVES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the senior and subordinated notes we issued in 2025 and 2024. </span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:30.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.363%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.689%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.237%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.948%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.349%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="12" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except interest rates and discounts)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issue price per $1,000 principal amount</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total gross proceeds </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> (Cdn$)</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction costs and</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">discounts </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2 </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></div></td></tr><tr style="height:23pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Date issued</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal amount</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Due date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">2025 issuances</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 12, 2025 (subordinated) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2055</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000.00 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,575 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 12, 2025 (subordinated) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2055</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.125 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000.00 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,432 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 12, 2025 (subordinated) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2055</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.625 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">999.83 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt 0 7pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">2024 issuances</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 9, 2024 (senior)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">997.14 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,684 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 9, 2024 (senior)</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2034</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.300 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">991.19 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,683 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30</span></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Gross proceeds before transaction costs, discounts, and premiums.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Deferred transaction costs and discounts (if any) in the carrying value of the subordinated notes are recognized in net income using the effective interest method. The three issuances of subordinated notes due 2055 can be redeemed at par on February 15, 2030, February 15, 2035, and February 15, 2030, respectively, or on any subsequent interest payment date.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">2025</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In February 2025, we issued three tranches of subordinated notes, consisting of:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">US$1.1 billion due 2055 with an initial coupon of 7.00% for the first five years;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">US$1 billion due 2055 with an initial coupon of 7.125% for the first ten years; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">$1 billion due 2055 with an initial coupon of 5.625% for the first five years. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Concurrent with these US dollar-denominated issuances, we entered into debt derivatives to convert the interest and principal payment obligations to Canadian dollars. We received net proceeds of $4.0 billion from the issuances. We used the proceeds to repay debt and to fund a portion of the MLSE Transaction.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">2024</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In February 2024, we issued senior notes with an aggregate principal amount of US$2.5 billion, consisting of US$1.25 billion of 5.00% senior notes due 2029 and US$1.25 billion of 5.30% senior notes due 2034. Concurrent with the issuance, we entered into debt derivatives to convert all interest and principal payment obligations to Canadian dollars. As a result, we received net proceeds of US$2.46 billion ($3.32 billion). We used the proceeds from this issuance to repay $3.4 billion of our term loan facility such that only $1 billion remained outstanding under the April 2026 tranche.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">REPAYMENT OF SENIOR NOTES AND RELATED DERIVATIVE SETTLEMENTS</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">2025</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In March 2025, we repaid the entire outstanding principal of our US$1 billion 2.95% senior notes and settled the associated debt derivatives at maturity. As a result, we repaid $1,344 million, including $95 million received on settlement of the associated debt derivatives. In April 2025, we repaid the entire outstanding principal of our $1.25 billion 3.10% senior notes at maturity. There were no derivatives associated with these senior notes.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In July 2025, we purchased $1,205 million principal amount of our Canadian dollar-denominated senior notes and US$1,738 million principal amount of our US dollar-denominated senior notes, paying the note holders $1,147 million and US$1,411 million, respectively, plus accrued interest, for the purchase of those senior notes. In connection with our purchase of the US dollar-denominated senior notes, we also partially settled the associated debt derivatives. See note 19 for more information on the settlement of debt derivatives. We recognized a gain on settlement of $151 million in "finance costs" as a result.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In December 2025, we repaid the entire outstanding principal of our US$700 million 3.625% senior notes and settled the associated debt derivatives at maturity. As a result we repaid $937 million, including $25 million received on settlement of the associated debt derivatives.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">2024</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In January 2024, we repaid the entire outstanding principal of our $500 million 4.35% senior notes at maturity. In March 2024, we repaid the entire outstanding principal of our $600 million 4.00% senior notes at maturity. There were no derivatives associated with these senior notes.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">PRINCIPAL REPAYMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the principal repayments on our long-term debt due in each of the next five years and thereafter as at December 31, 2025. This reflects repayment of our subordinated notes on their respective at-par redemption dates.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:69.275%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.525%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,186 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,614 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,915 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,575 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2030</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,220 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Thereafter</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,422 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total long-term debt</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37,932 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">TERMS AND CONDITIONS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As at December 31, 2025 and 2024, we were in compliance with all financial covenants and financial ratios in our long-term debt agreements. There were no financial leverage covenants in effect other than those under our bank credit and letter of credit facilities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The 8.75% debentures due in 2032 contain debt incurrence tests and restrictions on additional investments, sales of assets, and payment of dividends, all of which are suspended in the event the public debt securities are assigned investment-grade ratings by at least two of three specified credit rating agencies. As at December 31, 2025, these public debt securities were assigned an investment-grade rating by each of the specified credit rating agencies and, accordingly, these restrictions have been suspended as long as the investment-grade ratings are maintained. Our other senior notes do not have any of these restrictions, regardless of the related credit ratings. The repayment dates of certain debt agreements can also be accelerated if there is a change in control of RCI.</span></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.972%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.863%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables securitization program</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US commercial paper program (net of the discount on issuance)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">452 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-revolving credit facility borrowings (net of the discount on issuance)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">507 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total short-term borrowings</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,959 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the activity relating to our short-term borrowings for the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.549%"><tr><td style="width:1.0%"></td><td style="width:46.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.497%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.497%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.497%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.497%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.497%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.499%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" style="border-right:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from receivables securitization</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">400</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repayment of receivables securitization</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(400)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(400)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 10.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds received from receivables securitization</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">400 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from US commercial paper</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">517</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.410</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">729</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,009 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.373 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,759 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repayment of US commercial paper</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(835)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.413</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,180)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,819)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.371 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,494)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 10.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (repayment of) proceeds received from US commercial paper</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(451)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">265 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from non-revolving credit facilities (Cdn$) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds received from non-revolving credit facilities (US$) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,397</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.386</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,479</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,899 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.378 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,996 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10.75pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Repayment of non-revolving credit facilities (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,749)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.393</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,007)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,547)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.383 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,523)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds received from non-revolving credit facilities</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,472</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">473 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds received from short-term borrowings</span></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,021</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,138 </span></td><td style="border-bottom:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Borrowings under our non-revolving facility matured and are (were, for the US$ facility) reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the activity relating to our US CP program for the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.477%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.544%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.679%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.684%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" style="border-right:0.5pt solid #000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US commercial paper, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">314</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.439</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">452</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">113 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.327 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (repayment of) proceeds received from US commercial paper</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(318)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.418</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(451)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">190 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.395 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">265 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discounts on issuance </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">n/m</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.364 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loss (gain) on foreign exchange </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US commercial paper, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">314 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.439 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">452 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">n/m - not meaningful</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Included in "finance costs". </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the activity relating to our non-revolving credit facilities for the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.969%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.366%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-revolving credit facility, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">507</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds received from non-revolving credit facilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,472</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">473 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loss on foreign exchange </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-revolving credit facility, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">507 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Included in "finance costs".</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.798%"><tr><td style="width:1.0%"></td><td style="width:30.662%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.082%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.091%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.258%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.042%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.641%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.494%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except interest rates)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Par call date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Due date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal amount</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bank credit facilities (Cdn$ portion)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">415</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Term loan facility</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,001 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Canada Infrastructure Bank credit facility </span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2052</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">134</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.950 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,439 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2025</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.625 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,007 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2026</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.650 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.900 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">686</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">718 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2027</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">300</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jan 2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2027</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.650 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.200 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,784</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,871 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2028</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2028</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jan 2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,716</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2029</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">May 2029</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">700</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2029</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">159 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">159</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jul 2030</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2030</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2030</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2030</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">210 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.900 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">210</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2031</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2032</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,745</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,878 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jan 2032</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2032</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior debentures </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">May 2032</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">275</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">288 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jun 2033</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2033</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.900 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2033</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2034</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,716</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2038</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">350 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">480</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">504 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2039</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.680 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">500</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2039</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,450 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,450</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,450 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2040</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2040</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.110 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">800</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2040</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2041</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.560 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">400</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2041</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2042</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,029</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,079 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2042</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2043</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">382 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">524</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">719 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2043</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Oct 2043</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">650 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.450 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">892</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">935 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2043</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2044</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">752 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,032</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,511 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Aug 2047</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2048</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">506 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">694</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,079 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2048</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">May 2049</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">630 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.350 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">865</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">May 2049</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nov 2049</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">541 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.700 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">743</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,439 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Jun 2049</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2049</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sep 2051</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2052</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.550 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,745</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,878 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior notes</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Oct 2051</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2052</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2030</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2055</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,510</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2035</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2055</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.125 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,373</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Feb 2030</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Apr 2055</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.625 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated notes </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dec 2081</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated notes</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 3</span></div></td><td colspan="3" style="padding:2px 1.75pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mar 2082</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,029</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,079 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,932</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42,886 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred transaction costs and discounts</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(795)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(951)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred government grant liability </span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(79)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(39)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less current portion</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,186)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,696)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:11pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total long-term debt</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35,872</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,200 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2025 and 2024.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2025 and 2024.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">The subordinated notes can be redeemed at par on the noted par call date or on any subsequent interest payment date.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The tables below summarize the activity relating to our long-term debt for the years ended December 31, 2025 and 2024.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:38.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.659%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.550%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.960%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.659%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.963%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="3" style="border-right:0.5pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except exchange rates)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Notional</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(US$)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit facility borrowings (Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">216</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit facility borrowings (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,325</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.367</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,811</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total credit facility borrowings</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,027</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit facility repayments (Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(30)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credit facility repayments (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,325)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.361</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,803)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total credit facility repayments</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,833)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net borrowings under credit facilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">194</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Term loan facility net borrowings (US$) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">n/m</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/m</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Term loan facility net repayments (US$)</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(697)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.380</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(962)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,553)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.352 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,452)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net repayments under term loan facility</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(956)</span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,434)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior note issuances (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,500 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.347 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,367 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total senior note issuances</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,367 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior note repayments (Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,397)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,100)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior note repayments (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,112)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.390</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,326)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total senior note repayments</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,723)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,100)</span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (repayment) issuance of senior notes</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,723)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,267 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated note issuances (Cdn$)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Subordinated note issuances (US$)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,100</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.432</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,007</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total subordinated note issuances</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,007</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net repayment of long-term debt</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,478)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,103)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.</span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt, beginning of year</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,896</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40,855 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net (repayment) issuance of long-term debt</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,478)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,103)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount on principal amount of senior notes repurchased in connection with tender offer</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(504)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase in government grant liability related to Canada Infrastructure Bank facility</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(43)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(39)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt assumed through the MLSE Transaction</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">298</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Gain) loss on foreign exchange</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,272)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,094 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred transaction costs derecognized (incurred)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">31</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(52)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization of deferred transaction costs</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">141 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt, end of year</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,058</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,896 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,186</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,696 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35,872</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,200 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term debt, end of year</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,058</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,896 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the senior and subordinated notes we issued in 2025 and 2024. </span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:30.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.363%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.689%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.237%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.948%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.592%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.349%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="12" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars, except interest rates and discounts)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issue price per $1,000 principal amount</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total gross proceeds </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> (Cdn$)</span></div></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transaction costs and</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">discounts </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2 </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Cdn$)</span></div></td></tr><tr style="height:23pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Date issued</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal amount</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Due date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">2025 issuances</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 12, 2025 (subordinated) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2055</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000.00 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,575 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 12, 2025 (subordinated) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2055</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.125 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000.00 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,432 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 12, 2025 (subordinated) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2055</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.625 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">999.83 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt 0 7pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">2024 issuances</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 9, 2024 (senior)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">997.14 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,684 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">February 9, 2024 (senior)</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">US</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2034</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.300 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">991.19 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,683 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30</span></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Gross proceeds before transaction costs, discounts, and premiums.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Deferred transaction costs and discounts (if any) in the carrying value of the subordinated notes are recognized in net income using the effective interest method. The three issuances of subordinated notes due 2055 can be redeemed at par on February 15, 2030, February 15, 2035, and February 15, 2030, respectively, or on any subsequent interest payment date.</span></div> 2000000000 2000000000 0 452000000 2000000000 507000000 4000000000 2959000000 400000000 800000000 400000000 400000000 0 400000000 517000000 1.410 729000000 2009000000 1.373 2759000000 835000000 1.413 1180000000 1819000000 1.371 2494000000 -451000000 265000000 2000000000 0 5397000000 1.386 7479000000 2899000000 1.378 3996000000 5749000000 1.393 8007000000 2547000000 1.383 3523000000 1472000000 473000000 1021000000 1138000000 2400000000 <div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:68.015%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.342%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.343%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables sold to buyer as security</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,251</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,186 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term borrowings from buyer</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,000)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,000)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Overcollateralization</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,251</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,186 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:2pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.969%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:14.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.366%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables securitization program, beginning of year</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,600 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net proceeds received from receivables securitization</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">400 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 10pt;text-align:left;text-indent:-9pt;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables securitization program, end of year</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,000 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 3251000000 3186000000 2000000000 2000000000 1251000000 1186000000 2000000000 1600000000 0 400000000 2000000000 2000000000 1500000000 P1D P397D 314000000 1.439 452000000 113000000 1.327 150000000 -318000000 1.418 -451000000 190000000 1.395 265000000 4000000 6000000 11000000 1.364 15000000 7000000 -22000000 0 0 0 314000000 1.439 452000000 185000000 250000000 500000000 184000000 250000000 349000000 500000000 2 2000000000 2000000000 507000000 0 1472000000 473000000 -21000000 -34000000 2000000000 507000000 OTHER CURRENT LIABILITIES<div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.665%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.716%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of provisions</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">24</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of derivative instruments</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">19</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">49</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of residual value return provision liability</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">152</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">295</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">276 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other current liabilities</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,831</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.665%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.506%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.716%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Note</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MLSE put liability</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">3</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,316</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of provisions</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">24</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of derivative instruments</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">19</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">49</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current portion of residual value return provision liability</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">152</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">295</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">276 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other current liabilities</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,831</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 3316000000 0 19000000 22000000 49000000 64000000 152000000 120000000 295000000 276000000 3831000000 482000000 PROVISIONS <div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Decommissioning and restoration costs</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use network and other assets on leased premises in some of our business activities. We expect to exit these premises in the future and we therefore make provisions for the costs associated with decommissioning the assets and restoring the locations to their original conditions when we have a legal or constructive obligation to do so. We calculate these costs based on a current estimate of the costs that will be incurred, project those costs into the future based on management's best estimates of future trends in prices, inflation, and other factors, and discount them to their present value. We revise our forecasts when business conditions or technological requirements change.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">When we recognize a decommissioning liability, we recognize a corresponding asset in "property, plant and equipment" (as property, plant and equipment or a right-of-use asset, as applicable based on the underlying asset) and depreciate the asset based on the corresponding asset's useful life following our depreciation policies for property, plant and equipment and right-of-use assets, as applicable. We recognize the accretion of the liability as a charge to "finance costs" on the Consolidated Statements of Income.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Restructuring</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make provisions for restructuring when we have approved a detailed and formal restructuring plan and either the restructuring has started or management has announced the plan's main features to the employees affected by it. Restructuring obligations that have uncertain timing or amounts are recognized as "provisions"; otherwise they are recognized as accrued liabilities. All charges are recognized in "restructuring, acquisition and other" on the Consolidated Statements of Income (see note 11).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Onerous contracts</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make provisions for onerous contracts when the unavoidable costs of meeting our obligation under a contract exceed the benefits we expect to realize from it. We measure these provisions at the present value of the lower of the expected cost of terminating the contract or the expected cost of continuing with the contract. We recognize any impairment loss on the assets associated with the contract before we make the provision.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize a provision when a past event creates a legal or constructive obligation that can be reasonably estimated and is likely to result in an outflow of economic resources. We recognize a provision even when the timing or amount of the obligation may be uncertain, which can require us to use significant estimates.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">PROVISIONS DETAILS</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.494%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.972%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.568%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Decommissioning liabilities</span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">82 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Usage</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustments to existing provisions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current (recorded in "other current liabilities")</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Decommissioning and restoration costs</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cash outflows associated with our decommissioning liabilities are generally expected to occur at the decommissioning dates of the assets to which they relate, which are long-term in nature. The timing and extent of restoration work that will ultimately be required for these sites is uncertain.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Decommissioning and restoration costs</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We use network and other assets on leased premises in some of our business activities. We expect to exit these premises in the future and we therefore make provisions for the costs associated with decommissioning the assets and restoring the locations to their original conditions when we have a legal or constructive obligation to do so. We calculate these costs based on a current estimate of the costs that will be incurred, project those costs into the future based on management's best estimates of future trends in prices, inflation, and other factors, and discount them to their present value. We revise our forecasts when business conditions or technological requirements change.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">When we recognize a decommissioning liability, we recognize a corresponding asset in "property, plant and equipment" (as property, plant and equipment or a right-of-use asset, as applicable based on the underlying asset) and depreciate the asset based on the corresponding asset's useful life following our depreciation policies for property, plant and equipment and right-of-use assets, as applicable. We recognize the accretion of the liability as a charge to "finance costs" on the Consolidated Statements of Income.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Restructuring</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make provisions for restructuring when we have approved a detailed and formal restructuring plan and either the restructuring has started or management has announced the plan's main features to the employees affected by it. Restructuring obligations that have uncertain timing or amounts are recognized as "provisions"; otherwise they are recognized as accrued liabilities. All charges are recognized in "restructuring, acquisition and other" on the Consolidated Statements of Income (see note 11).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Onerous contracts</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make provisions for onerous contracts when the unavoidable costs of meeting our obligation under a contract exceed the benefits we expect to realize from it. We measure these provisions at the present value of the lower of the expected cost of terminating the contract or the expected cost of continuing with the contract. We recognize any impairment loss on the assets associated with the contract before we make the provision.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize a provision when a past event creates a legal or constructive obligation that can be reasonably estimated and is likely to result in an outflow of economic resources. We recognize a provision even when the timing or amount of the obligation may be uncertain, which can require us to use significant estimates.</span></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.494%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.972%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.568%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Decommissioning liabilities</span></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 1, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">82 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Usage</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustments to existing provisions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 31, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current (recorded in "other current liabilities")</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 65000000 17000000 82000000 15000000 0 15000000 11000000 0 11000000 -7000000 -5000000 -12000000 62000000 12000000 74000000 13000000 6000000 19000000 49000000 6000000 55000000 415000000 0 0 1001000000 0.01000 134000000 64000000 1000000000 0.02950 0 1439000000 1250000000 0.03100 0 1250000000 700000000 0.03625 0 1007000000 500000000 0.05650 500000000 500000000 500000000 0.02900 686000000 718000000 300000000 0.03800 300000000 300000000 1500000000 0.03650 1500000000 1500000000 1300000000 0.03200 1784000000 1871000000 1000000000 0.05700 1000000000 1000000000 500000000 0.04400 500000000 500000000 1250000000 0.05000 1716000000 1799000000 1000000000 0.03750 1000000000 1000000000 700000000 0.03250 700000000 1000000000 159000000 0.03300 159000000 500000000 500000000 0.05800 500000000 500000000 210000000 0.02900 210000000 500000000 2000000000 0.03800 2745000000 2878000000 1000000000 0.04250 1000000000 1000000000 200000000 0.08750 275000000 288000000 1000000000 0.05900 1000000000 1000000000 1250000000 0.05300 1716000000 1799000000 350000000 0.07500 480000000 504000000 500000000 0.06680 500000000 500000000 1450000000 0.06750 1450000000 1450000000 800000000 0.06110 800000000 800000000 400000000 0.06560 400000000 400000000 750000000 0.04500 1029000000 1079000000 382000000 0.04500 524000000 719000000 650000000 0.05450 892000000 935000000 752000000 0.05000 1032000000 1511000000 506000000 0.04300 694000000 1079000000 630000000 0.04350 865000000 1799000000 541000000 0.03700 743000000 1439000000 26000000 0.04250 26000000 300000000 2000000000 0.04550 2745000000 2878000000 1000000000 0.05250 1000000000 1000000000 1100000000 0.07000 1510000000 0 1000000000 0.07125 1373000000 0 1000000000 0.05625 1000000000 0 2000000000 0.05000 2000000000 2000000000 750000000 0.05250 1029000000 1079000000 37932000000 42886000000 795000000 951000000 79000000 39000000 1186000000 3696000000 35872000000 38200000000 216000000 64000000 1325000000 1.367 1811000000 0 0 0 2027000000 64000000 30000000 0 1325000000 1.361 1803000000 0 0 0 1833000000 0 194000000 64000000 1000000 6000000 8000000 18000000 697000000 1.380 962000000 2553000000 1.352 3452000000 -956000000 -3434000000 0 0 0 2500000000 1.347 3367000000 0 3367000000 2397000000 1100000000 3112000000 1.390 4326000000 0 0 0 6723000000 1100000000 -6723000000 2267000000 1000000000 0 2100000000 1.432 3007000000 0 0 0 4007000000 0 -3478000000 -1103000000 41896000000 40855000000 -3478000000 -1103000000 504000000 0 43000000 39000000 298000000 0 1272000000 -2094000000 31000000 -52000000 130000000 141000000 37058000000 41896000000 1186000000 3696000000 35872000000 38200000000 37058000000 41896000000 0.0478 0.0461 4300000000 0 0.0125 0.0085 0.0225 3000000000 1000000000 3000000000 1000000000 2500000000 3400000000 6000000000 1000000000 815000000 0.01 665000000 134000000 79000000 1300000000 1800000000 1500000000 2000000000 2 1000000000 1000000000 260000000 115000000 300000000 1000000000 P10Y P5Y 1100000000 0.07000 1000 1575000000 21000000 1000000000 0.07125 1000 1432000000 19000000 1000000000 0.05625 999.83 1000000000 11000000 1250000000 0.05000 997.14 1684000000 20000000 1250000000 0.05300 991.19 1683000000 30000000 3 3 1100000000 0.0700 P5Y 1000000000 0.07125 P10Y 1000000000 0.05625 P5Y 4000000000.0 2500000000 1250000000 0.0500 1250000000 0.0530 2460000000 3320000000 3400000000 1000000000 1000000000 0.0295 1344000000 95000000 1250000000 0.0310 1205000000 1738000000 1147000000 1411000000 151000000 700000000 0.03625 937000000 25000000 500000000 0.0435 600000000 0.0400 3186000000 3186000000 4614000000 1915000000 3575000000 3220000000 21422000000 21422000000 37932000000 0.0875 2 3 OTHER LONG-TERM LIABILITIES<div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">699</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">845 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">273</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">282 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Supplemental executive retirement plan</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">27 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">93</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock-based compensation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">29 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">75</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred player compensation</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">408</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred government grant liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">76</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residual value return provision liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">158</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">162 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">443</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">207 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other long-term liabilities</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,225</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,666 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">19 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">699</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">845 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract liabilities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">273</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">282 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Supplemental executive retirement plan</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">27 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">93</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock-based compensation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">29 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">75</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred player compensation</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">408</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred government grant liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">76</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Residual value return provision liability</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">158</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">162 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">443</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">207 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other long-term liabilities</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,225</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,666 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 699000000 845000000 273000000 282000000 93000000 93000000 75000000 31000000 408000000 8000000 76000000 38000000 158000000 162000000 443000000 207000000 2225000000 1666000000 POST-EMPLOYMENT BENEFITS<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Post-employment benefits - defined benefit pension plans</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We offer contributory and non-contributory defined benefit pension plans that provide employees with a lifetime monthly pension on retirement.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We separately calculate our net obligation for each defined benefit pension plan by estimating the amount of future benefits employees have earned in return for their service in the current and prior years and discounting those benefits to determine their present value.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We accrue our pension plan obligations as employees provide the services necessary to earn the pension. We use a discount rate based on market yields on high-quality corporate bonds at the measurement date to calculate the accrued pension benefit obligation. Remeasurements of the accrued pension benefit obligation are determined at the end of the year and include actuarial gains and losses, returns on plan assets in excess of interest income, and any change in the effect of the asset ceiling. These are recognized in other comprehensive income and retained earnings.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The cost of pensions is actuarially determined and takes into account the following assumptions and methods for pension accounting related to our defined benefit pension plans:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">expected rates of salary increases for calculating increases in future benefits;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">mortality rates for calculating the life expectancy of plan members; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">past service costs from plan amendments are immediately expensed in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize our net pension expense for our defined benefit pension plans and contributions to defined contribution plans as an employee benefit expense in "operating costs" on the Consolidated Statements of Income in the periods the employees provide the related services.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Post-employment benefits - defined contribution pension plan</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In 2016, we closed the defined benefit pension plans to new members and introduced a defined contribution pension plan. This change did not impact current defined benefit members at the time; any employee enrolled in any of the defined benefit pension plans at that date continues to earn pension benefits and credited service in their respective plan. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize a pension expense in relation to our contributions to the defined contribution pension plan when the employee provides service to the Company. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Termination benefits </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize termination benefits as an expense when we are committed to a formal detailed plan to terminate employment before the normal retirement date and it is not realistic that we will withdraw it.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Detailed below are the significant assumptions used in the actuarial calculations used to determine the amount of the defined benefit pension obligation and related expense. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Significant estimates are involved in determining pension-related balances. Actuarial estimates are based on projections of employees' compensation levels at the time of retirement. Retirement benefits are primarily based on career average earnings, subject to certain adjustments. The most recent actuarial funding valuations were completed as at January 1, 2025.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Principal actuarial assumptions</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.249%"><tr><td style="width:1.0%"></td><td style="width:33.847%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.427%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average of significant assumptions:</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Defined benefit obligation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.8 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate of compensation increase</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.0% to 7.5%, based on employee age</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.0% to 7.5%, based on employee age</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mortality rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">95% of CPM2014Priv with Scale CPM-B</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">95% of CPM2014Priv with Scale CPM-B</span></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Pension expense</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate of compensation increase</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.0% to 7.5%, based on employee age</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.0% to 7.5%, based on employee age</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mortality rate</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">95% of CPM2014Priv with Scale CPM-B</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">95% of CPM2014Priv with Scale CPM-B</span></div></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Sensitivity of key assumptions</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In the sensitivity analysis shown below, we determine the defined benefit obligation for our funded plans using the same method used to calculate the defined benefit obligation we recognize on the Consolidated Statements of Financial Position. We calculate sensitivity by changing one assumption while holding the others constant. This leads to limitations in the analysis as the actual change in defined benefit obligation will likely be different from that shown in the table, since it is likely that more than one assumption will change at a time, and that some assumptions are correlated.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:60.819%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.941%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase (decrease) in accrued benefit obligation</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 0.5% increase</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(168)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(174)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 0.5% decrease</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">189</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">197 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate of future compensation increase</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 0.25% increase</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 0.25% decrease</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mortality rate</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 1 year increase</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 1 year decrease</span></div></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(39)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(40)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">POST-EMPLOYMENT BENEFITS STRATEGY AND POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We sponsor a number of contributory and non-contributory pension arrangements for employees, including defined benefit and defined contributions plans. We do not provide any non-pension post-retirement benefits. We also provide unfunded supplemental pension benefits to certain executives.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Rogers Defined Benefit Pension Plan provides a defined pension based on years of service and earnings, with no increases in retirement for inflation. The plan was closed to new members in 2016. Participation in the plan was voluntary and enrolled employees are required to make regular contributions into the plan. An unfunded supplemental pension plan is provided to certain senior executives to provide benefits in excess of amounts that can be provided from the defined benefit pension plan under the Income Tax Act (Canada)'s maximum pension limits.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We also sponsor smaller defined benefit pension plans in addition to the Rogers Defined Benefit Pension Plan. The Pension Plan for Employees of Rogers Communications Inc. and the Rogers Pension Plan for Selkirk Employees are closed legacy defined benefit pension plans. The Pension Plan for Certain Federally Regulated Employees of Rogers Cable Communications Inc. is similar to the main pension plan but only federally regulated employees from the Cable business were eligible to participate; this plan was closed to new members in 2016.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In addition to the defined benefit pension plans, we provide various defined contribution plans to certain groups of employees of the Company and to employees hired after March 31, 2016 who choose to join. Additionally, we provide other tax-deferred savings arrangements, including a Group RRSP and a Group TFSA program, which are accounted for as deferred contribution arrangements.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Pension Committee of the Board oversees the administration of our registered pension plans, which includes the following principal areas:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">overseeing the funding, administration, communication, and investment management of the plans;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">selecting and monitoring the performance of all third parties performing duties in respect of the plans, including audit, actuarial, and investment management services;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">proposing, considering, and approving amendments to the plans;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">proposing, considering, and approving amendments to the Statement of Investment Policies and Procedures;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">reviewing management and actuarial reports prepared in respect of the administration of the pension plans; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">reviewing and approving the audited financial statements of the pension plan funds.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The assets of the defined benefit pension plans are held in segregated accounts that are isolated from our assets. They are invested and managed following all applicable regulations and the Statement of Investment Policies and Procedures with the objective of having adequate funds to pay the benefits promised by the plans. Investment and market return risk is managed by:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">contracting professional investment managers to execute the investment strategy following the Statement of Investment Policies and Procedures and regulatory requirements;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">specifying the kinds of investments that can be held in the plans and monitoring compliance;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">using asset allocation and diversification strategies; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">purchasing annuities from time to time.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The defined benefit pension plans are registered with the Office of the Superintendent of Financial Institutions and are subject to the Federal Pension Benefits Standards Act. Two of the defined contribution pension plans are registered with the Financial Services Regulatory Authority, subject to the Ontario Pension Benefits Act. The plans are also registered with the Canada Revenue Agency and are subject to the Income Tax Act (Canada). The benefits provided under the plans and the contributions to the plans are funded and administered in accordance with all applicable legislation and regulations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The defined benefit pension plans are subject to certain risks related to contribution increases, inadequate plan surplus, unfunded obligations, and market rates of return, which we mitigate through the governance described above. Any significant changes to these items may affect our future cash flows. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">POST-EMPLOYMENT BENEFIT PLAN DETAILS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.399%"><tr><td style="width:1.0%"></td><td style="width:71.105%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.797%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.798%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan assets, at fair value</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,514</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,385 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued benefit obligations</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,249)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,197)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Surplus of plan assets over accrued benefit obligations</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">265</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">188 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effect of asset ceiling limit</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net deferred pension asset</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consists of:</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred pension asset</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">217</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred pension liability</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net deferred pension asset</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our pension fund assets.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.313%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan assets, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,385</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,339 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">117</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">110 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Remeasurements, recognized in other comprehensive income and equity</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contributions by employees</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contributions by employer</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(41)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(51)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of annuitization</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(141)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan assets acquired in MLSE Transaction</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Administrative expenses paid from plan assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan assets, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,514</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,385 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the accrued benefit obligations arising from funded obligations.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued benefit obligations, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,197</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,260 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current service cost</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">74</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Past service cost</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest cost</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">107</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(41)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(51)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of annuitization</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(140)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contributions by employees</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Remeasurements, recognized in other comprehensive income and equity</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(126)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(85)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued benefit obligations, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,249</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,197 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.313%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity securities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">967</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,406 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt securities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,502</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">929 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total fair value of plan assets</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,514</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,385 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our net pension expense. Net interest cost is included in "finance costs"; other pension expenses are included in salaries and benefits expense in "operating costs" on the Consolidated Statements of Income.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan cost:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current service cost</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">74</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Past service cost</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest income</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net pension expense</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">77</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">78 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Administrative expense</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total pension cost recognized in net income</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">80</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">81 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Net interest income, a component of the plan cost above, is included in "finance costs" and is outlined as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income on plan assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(117)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(110)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest cost on plan obligation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">107</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest income, recognized in finance costs</span></div></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Return on plan assets (excluding interest income)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in financial assumptions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">119</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effect of experience adjustments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in asset ceiling</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(40)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Remeasurement gain, recognized in other comprehensive income and equity</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">176 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">PURCHASES OF ANNUITIES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In July 2024, our defined benefit pension plans purchased approximately $147 million of annuities from insurance companies for substantially all the retired members in the plans at that time. The aggregate premium for the annuities was funded by selling a corresponding amount of existing assets from the plans. The purchase of the annuities relieves us of primary responsibility for, and eliminates risk associated with, the accrued benefit obligation for the retired members. The annuity purchase required a remeasurement of the pension plan assets and liabilities at the date of purchase. There was no significant impact to net income related to the annuity purchases.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">SUPPLEMENTAL DEFINED BENEFIT PLAN DETAILS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We also provide supplemental unfunded defined benefit pensions to certain executives. Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued benefit obligation, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">93</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">94 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pension expense, recognized in employee salaries and benefits expense</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest cost, recognized in finance costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Remeasurement gain, recognized in other comprehensive income</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued benefit obligation, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">93</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DEFINED CONTRIBUTION PLANS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We also have defined contribution plans with total pension expense of $47 million in 2025 (2024 - $39 million), which is included in employee salaries and benefits expense.</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ALLOCATION OF PLAN ASSETS</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:34.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.307%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.307%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.308%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allocation of plan assets</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Target asset allocation percentage</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity securities:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Domestic</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12.2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3% to 13%</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">International</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30.8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">46.7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27% to 37%</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt securities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59.7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45% to 75%</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other - cash</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0% to 5%</span></div></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100.0</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100.0 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Plan assets consist primarily of pooled funds that invest in common stocks and bonds. The pooled funds have investments in our equity securities. As a result, approximately $6 million (2024 - $6 million) of plan assets are indirectly invested in our own securities under our defined benefit plans.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We make contributions to the plans to secure the benefits of plan members and invest in permitted investments using the target ranges established by our Pension Committee, which reviews actuarial assumptions on an annual basis.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the actual contributions to the plans.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.313%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employer contribution</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee contribution</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total contribution</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We estimate our 2026 employer contributions to our funded plans to be nil. The actual value will depend on the results of the 2026 actuarial funding valuations. The average duration of the defined benefit obligation as at December 31, 2025 is 16 years (2024 - 17 years).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Plan assets recognized an actual net gain of $140 million in 2025 (2024 - $209 million net gain).</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Post-employment benefits - defined benefit pension plans</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We offer contributory and non-contributory defined benefit pension plans that provide employees with a lifetime monthly pension on retirement.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We separately calculate our net obligation for each defined benefit pension plan by estimating the amount of future benefits employees have earned in return for their service in the current and prior years and discounting those benefits to determine their present value.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We accrue our pension plan obligations as employees provide the services necessary to earn the pension. We use a discount rate based on market yields on high-quality corporate bonds at the measurement date to calculate the accrued pension benefit obligation. Remeasurements of the accrued pension benefit obligation are determined at the end of the year and include actuarial gains and losses, returns on plan assets in excess of interest income, and any change in the effect of the asset ceiling. These are recognized in other comprehensive income and retained earnings.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The cost of pensions is actuarially determined and takes into account the following assumptions and methods for pension accounting related to our defined benefit pension plans:</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">expected rates of salary increases for calculating increases in future benefits;</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">mortality rates for calculating the life expectancy of plan members; and</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:13.5pt">past service costs from plan amendments are immediately expensed in net income.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize our net pension expense for our defined benefit pension plans and contributions to defined contribution plans as an employee benefit expense in "operating costs" on the Consolidated Statements of Income in the periods the employees provide the related services.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Post-employment benefits - defined contribution pension plan</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In 2016, we closed the defined benefit pension plans to new members and introduced a defined contribution pension plan. This change did not impact current defined benefit members at the time; any employee enrolled in any of the defined benefit pension plans at that date continues to earn pension benefits and credited service in their respective plan. </span></div>We recognize a pension expense in relation to our contributions to the defined contribution pension plan when the employee provides service to the Company. <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Termination benefits </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize termination benefits as an expense when we are committed to a formal detailed plan to terminate employment before the normal retirement date and it is not realistic that we will withdraw it.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Principal actuarial assumptions</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.249%"><tr><td style="width:1.0%"></td><td style="width:33.847%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:31.427%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average of significant assumptions:</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Defined benefit obligation</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.8 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate of compensation increase</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.0% to 7.5%, based on employee age</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.0% to 7.5%, based on employee age</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mortality rate</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">95% of CPM2014Priv with Scale CPM-B</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">95% of CPM2014Priv with Scale CPM-B</span></div></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Pension expense</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4.8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate of compensation increase</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2.0% to 7.5%, based on employee age</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.0% to 7.5%, based on employee age</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mortality rate</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">95% of CPM2014Priv with Scale CPM-B</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">95% of CPM2014Priv with Scale CPM-B</span></div></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the estimated present value of accrued plan benefits and the estimated market value of the net assets available to provide these benefits for our funded defined benefit pension plans.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.399%"><tr><td style="width:1.0%"></td><td style="width:71.105%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.797%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.798%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan assets, at fair value</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,514</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,385 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued benefit obligations</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,249)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,197)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Surplus of plan assets over accrued benefit obligations</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">265</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">188 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effect of asset ceiling limit</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net deferred pension asset</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Consists of:</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred pension asset</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">217</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred pension liability</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net deferred pension asset</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the actual contributions to the plans.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.313%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employer contribution</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee contribution</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total contribution</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 0.051 0.048 0.020 0.075 0.020 0.075 0.95 0.95 0.048 0.046 0.020 0.075 0.020 0.075 0.95 0.95 <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:60.819%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.941%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase (decrease) in accrued benefit obligation</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 0.5% increase</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(168)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(174)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 0.5% decrease</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">189</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">197 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate of future compensation increase</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 0.25% increase</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 0.25% decrease</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mortality rate</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 1 year increase</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:6.75pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of 1 year decrease</span></div></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(39)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(40)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div> 0.005 0.005 -168000000 -174000000 0.005 0.005 189000000 197000000 0.0025 0.0025 10000000 12000000 0.0025 0.0025 -10000000 -12000000 P1Y P1Y 36000000 36000000 P1Y P1Y -39000000 -40000000 2 2514000000 2385000000 2249000000 2197000000 265000000 188000000 -53000000 -13000000 -212000000 -175000000 217000000 183000000 5000000 8000000 -212000000 -175000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our pension fund assets.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.313%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan assets, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,385</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,339 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">117</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">110 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt;text-indent:-9pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Remeasurements, recognized in other comprehensive income and equity</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contributions by employees</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contributions by employer</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(41)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(51)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of annuitization</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(141)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan assets acquired in MLSE Transaction</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Administrative expenses paid from plan assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan assets, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,514</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,385 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the accrued benefit obligations arising from funded obligations.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued benefit obligations, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,197</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,260 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current service cost</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">74</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Past service cost</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest cost</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">107</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(41)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(51)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impact of annuitization</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(140)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contributions by employees</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Remeasurements, recognized in other comprehensive income and equity</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(126)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(85)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued benefit obligations, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,249</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,197 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our net pension expense. Net interest cost is included in "finance costs"; other pension expenses are included in salaries and benefits expense in "operating costs" on the Consolidated Statements of Income.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan cost:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current service cost</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">74</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Past service cost</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest income</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net pension expense</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">77</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">78 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Administrative expense</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total pension cost recognized in net income</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">80</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">81 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Net interest income, a component of the plan cost above, is included in "finance costs" and is outlined as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income on plan assets</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(117)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(110)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest cost on plan obligation</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">107</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest income, recognized in finance costs</span></div></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The remeasurement recognized in the Consolidated Statements of Comprehensive Income is determined as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Return on plan assets (excluding interest income)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in financial assumptions</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">119</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Effect of experience adjustments</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in asset ceiling</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(40)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Remeasurement gain, recognized in other comprehensive income and equity</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">176 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>Below is a summary of our accrued benefit obligations, pension expense included in employee salaries and benefits, net interest cost, remeasurements, and benefits paid.<div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:71.230%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued benefit obligation, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">93</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">94 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pension expense, recognized in employee salaries and benefits expense</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest cost, recognized in finance costs</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Remeasurement gain, recognized in other comprehensive income</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued benefit obligation, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">93</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> -2385000000 -2339000000 -117000000 -110000000 26000000 101000000 25000000 25000000 25000000 25000000 0 0 5000000 5000000 -41000000 -51000000 0 -141000000 5000000 0 3000000 3000000 -2514000000 -2385000000 2197000000 2260000000 74000000 86000000 13000000 0 107000000 102000000 41000000 51000000 0 140000000 25000000 25000000 126000000 85000000 2249000000 2197000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Plan assets comprise mainly pooled funds that invest in common stocks and bonds that are traded in an active market. Below is a summary of the fair value of the total pension plan assets by major category.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.313%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity securities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">967</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,406 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt securities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,502</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">929 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total fair value of plan assets</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,514</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,385 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ALLOCATION OF PLAN ASSETS</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:34.678%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.307%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.307%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.308%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allocation of plan assets</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Target asset allocation percentage</span></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity securities:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Domestic</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7.7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12.2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3% to 13%</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">International</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30.8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">46.7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27% to 37%</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt securities</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59.7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45% to 75%</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other - cash</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1.8</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.1 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0% to 5%</span></div></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100.0</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100.0 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td></tr></table></div> 967000000 1406000000 1502000000 929000000 45000000 50000000 2514000000 2385000000 74000000 86000000 13000000 0 -10000000 -8000000 77000000 78000000 3000000 3000000 80000000 81000000 -117000000 -110000000 107000000 102000000 -10000000 -8000000 26000000 101000000 119000000 70000000 7000000 15000000 -40000000 -10000000 112000000 176000000 147000000 93000000 94000000 -3000000 -4000000 5000000 3000000 3000000 1000000 5000000 7000000 93000000 93000000 47000000 39000000 0.077 0.122 0.03 0.13 0.308 0.467 0.27 0.37 0.597 0.390 0.45 0.75 0.018 0.021 0 0.05 1.000 1.000 6000000 6000000 0 0 5000000 5000000 25000000 25000000 25000000 25000000 25000000 30000000 0 P16Y P17Y 140000000 209000000 EQUITY<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CAPITAL STOCK</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:21.606%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.945%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.754%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.020%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.754%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.121%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Share class</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Number of shares authorized for issue</span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Features</span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Voting rights</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Preferred shares</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">400,000,000 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Issuable in series, with rights and terms of each series to be fixed by the Board prior to the issue of any series</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">None</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">RCI Class A Voting Shares</span></td><td colspan="2" rowspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">112,474,388 </span></td><td rowspan="2" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Without par value</span></td><td colspan="3" rowspan="2" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" rowspan="2" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Each share entitled to 50 votes</span></div></td></tr><tr style="height:23pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●<br/></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Each share can be converted into one Class B Non-Voting share</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">RCI Class B Non-Voting Shares</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,400,000,000 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Without par value</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">None</span></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">RCI's Articles of Continuance under the Business Corporations Act (British Columbia) impose restrictions on the transfer, voting, and issue of Class A Shares and Class B Non-Voting Shares to ensure we remain qualified to hold or obtain licences required to carry on certain of our business undertakings in Canada. We are authorized to refuse to register transfers of any of our shares to any person who is not a Canadian, as defined in RCI's Articles of Continuance, in order to ensure Rogers remains qualified to hold the licences referred to above.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In relation to our issuances of subordinated notes (see note 25), the Board approved the creation of new Series I and Series II preferred shares, respectively. Series I has been authorized for up to 3.3 million preferred shares and Series II has been authorized for up to 1.4 million preferred shares. Both series have no voting rights, par values of $1,000 per share, and will </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">be issued automatically upon the occurrence of certain events involving a bankruptcy or insolvency of RCI to holders of the respective subordinated notes.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DIVIDENDS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We declared and paid the following dividends on our outstanding Class A Shares and Class B Non-Voting Shares:</span></div><div style="margin-top:3pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center;text-indent:-4.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:13.809%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.002%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.098%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.308%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends paid (in millions of dollars)</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of Class B</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Voting</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares issued</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(in thousands) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td></tr><tr style="height:29pt"><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Declaration date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Record date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payment date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividend per</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">share (dollars)</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">In cash</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">In Class B</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Voting</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></div></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 29, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 10, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 2, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">188 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">81 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">269</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,181 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 22, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">June 9, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">July 3, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">270 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">270</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">July 22, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">September 8, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">October 3, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">270 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">270</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">October 22, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 8, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 2, 2026</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">270 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">270</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 31, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 11, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 3, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">83 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">266</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,552 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 23, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">June 10, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">July 5, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">185 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">81 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">266</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,651 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">July 23, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">September 9, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">October 3, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">181 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">267</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,633 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">October 23, 2024</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 9, 2024</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 3, 2025</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">185 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">84 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">269</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,943 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Class B Non-Voting Shares were issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan (DRIP).</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have a dividend reinvestment plan (DRIP) that allows eligible holders of Class A Shares and Class B Non-Voting Shares who are residents of Canada and the United States to acquire additional Class B Non-Voting Shares through reinvestment of the cash dividends paid on their respective shareholdings. The plan permits, at the Board's discretion, a small discount from the five-day volume-weighted average market price when shares are issued from treasury under the plan. We have not issued shares from treasury in settlement of dividends since the April 2, 2025 payment per the table above.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The holders of Class A Shares are entitled to receive dividends at the rate of up to five cents per share but only after dividends at the rate of five cents per share have been paid or set aside on the Class B Non-Voting Shares. Class A Shares and Class B Non-Voting Shares therefore participate equally in dividends above $0.05 per share.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">On January 28, 2026, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on April 2, 2026, to shareholders of record on March 10, 2026.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">NON-CONTROLLING INTEREST</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">On June 20, 2025, we sold a 49.9% equity interest, representing a 20% voting interest, in a subsidiary (Backhaul Network Services Inc., or BNSI) that owns a portion of our wireless backhaul transport infrastructure to Blackstone for US$4.85 billion ($6.7 billion). We control BNSI and have therefore included its results in our consolidated financial statements. Provided our debt leverage ratio is not greater than 3.25x, at any time between the eighth and twelfth anniversaries of closing, we will have the right to purchase Blackstone's interest in BNSI for a cash purchase price based on the lesser of a multiple of BNSI's EBITDA (calculated in accordance with the BNSI shareholder agreement) and an amount necessary to provide Blackstone with an 8% annual rate of return, subject to a pre-agreed floor and after considering distributions previously made to Blackstone. Blackstone does not have a right to require Rogers to repurchase or redeem its shares.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">BNSI is the exclusive provider to Rogers of backhaul services for cellular data transmission in Ontario and Alberta, subject to certain exceptions. RCI has entered into a long-term backhaul services agreement with BNSI (for an initial term of 25 years and subject to renewal) under which it will pay fees to BNSI for cellular data transmission, subject to an annual minimum payment and periodic price adjustments.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During the first five years of Blackstone's investment, subject to approval of the BNSI board of directors, BNSI will have a distribution policy to make quarterly pro rata cash distributions to Blackstone and RCCI of available cash in an amount that is intended to provide Blackstone with a 7% annual return on its US dollar investment. If BNSI is current on its distribution policy, Rogers will be entitled to any excess cash above the target distribution threshold during this five-year period, which may be loaned to RCI. After the first five years of Blackstone's investment, all distributions of available cash by BNSI will be made on a pro rata basis to Blackstone and RCCI. In 2025, BNSI paid $133 million in dividends to Blackstone.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have entered into subsidiary equity derivatives in connection with the network transaction (see note 19).</span></div> <div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:21.606%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.945%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.754%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.020%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.754%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.121%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Share class</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Number of shares authorized for issue</span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Features</span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Voting rights</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Preferred shares</span></td><td colspan="2" style="border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">400,000,000 </span></td><td style="border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Issuable in series, with rights and terms of each series to be fixed by the Board prior to the issue of any series</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">None</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" rowspan="2" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">RCI Class A Voting Shares</span></td><td colspan="2" rowspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">112,474,388 </span></td><td rowspan="2" style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Without par value</span></td><td colspan="3" rowspan="2" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" rowspan="2" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Each share entitled to 50 votes</span></div></td></tr><tr style="height:23pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●<br/></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Each share can be converted into one Class B Non-Voting share</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">RCI Class B Non-Voting Shares</span></td><td colspan="2" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,400,000,000 </span></td><td style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Without par value</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:6pt;font-weight:400;line-height:100%">●</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:100%">None</span></td></tr></table></div> 400000000 112474388 50 1 1400000000 3300000 1400000 1000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We declared and paid the following dividends on our outstanding Class A Shares and Class B Non-Voting Shares:</span></div><div style="margin-top:3pt;padding-left:2.25pt;padding-right:2.25pt;text-align:center;text-indent:-4.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.699%"><tr><td style="width:1.0%"></td><td style="width:13.809%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.002%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.098%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.291%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.308%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends paid (in millions of dollars)</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of Class B</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Voting</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares issued</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(in thousands) </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td></tr><tr style="height:29pt"><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Declaration date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Record date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payment date</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividend per</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">share (dollars)</span></div></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">In cash</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">In Class B</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Voting</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></div></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 29, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 10, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 2, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">188 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">81 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">269</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,181 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 22, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">June 9, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">July 3, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">270 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">270</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">July 22, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">September 8, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">October 3, 2025</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">270 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">270</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">October 22, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 8, 2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 2, 2026</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">270 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">270</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 31, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">March 11, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 3, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">83 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">266</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,552 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">April 23, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">June 10, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">July 5, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">185 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">81 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">266</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,651 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">July 23, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">September 9, 2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">October 3, 2024</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">181 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">267</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,633 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">October 23, 2024</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">December 9, 2024</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">January 3, 2025</span></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">185 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">84 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">269</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,943 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Class B Non-Voting Shares were issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan (DRIP).</span></div> 0.50 188000000 81000000 269000000 2181000 0.50 270000000 0 270000000 0 0.50 270000000 0 270000000 0 0.50 270000000 0 270000000 0 0.50 183000000 83000000 266000000 1552000 0.50 185000000 81000000 266000000 1651000 0.50 181000000 86000000 267000000 1633000 0.50 185000000 84000000 269000000 1943000 P5D 0.05 0.05 0.50 0.50 0.499 0.20 4850000000 6700000000 3.25 0.08 P25Y P5Y 0.07 P5Y P5Y 133000000 STOCK-BASED COMPENSATION <div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Stock option plans</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cash-settled share appreciation rights (SARs) are attached to all stock options granted under our employee stock option plan. This feature allows the option holder to choose to receive a cash payment equal to the intrinsic value of the option (the amount by which the market price of the Class B Non-Voting Share exceeds the exercise price of the option on the exercise date) instead of exercising the option to acquire Class B Non-Voting Shares. We classify all outstanding stock options with cash settlement features as liabilities and carry them at their fair value, determined using the Black-Scholes option pricing model or a trinomial option pricing model, depending on the nature of the share-based award. We remeasure the fair value of the liability each period and amortize it to "operating costs" or "restructuring, acquisition and other", as applicable, using graded vesting, either over the vesting period or to the date an employee is eligible to retire (whichever is shorter).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Restricted share unit (RSU) and deferred share unit (DSU) plans</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities and compensation costs based on the awards' fair values, which are based on the market price of the Class B Non-Voting Shares, and recognizing them as charges to "operating costs" over the vesting period of the awards. If an award's fair value changes after it has been granted and before the exercise date, we recognize the resulting changes in the liability within "operating costs" or "restructuring, acquisition and other", as applicable, in the year the change occurs. For RSUs, the payment amount is established as of the vesting date. For DSUs, the payment amount is established as of the exercise date.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Employee share accumulation plan</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Employees voluntarily participate in the share accumulation plan by contributing a specified percentage of their regular earnings. We match employee contributions up to a certain amount and recognize our contributions as a compensation expense in the year we make them. Expenses relating to the employee share accumulation plan are included in "operating costs".</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Wealth+ program</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Certain employees voluntarily participate in a Wealth+ program, which allows them to exchange some or all of their annual cash bonus and receive RSUs. We match employee deferrals up to a certain amount. Expenses relating to the Wealth+ program are included in "operating costs".</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Significant management estimates are used to determine the fair value of stock options. The table below shows the weighted average fair value of stock options granted during 2025 and 2024 and the principal assumptions used in applying the Black-Scholes model for granted options to determine their fair value at the grant date.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average fair value</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$4.99</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$8.08 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Risk-free interest rate</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.0</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividend yield</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Volatility of Class B Non-Voting Shares</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22.7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24.2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average expected life</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.5 years</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.4 years</span></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Volatility has been estimated based on the actual trading statistics of our Class B Non-Voting Shares.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">STOCK-BASED COMPENSATION EXPENSE</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock options</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restricted share units</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred share units</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivative effect, net of interest receipt</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(22)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total stock-based compensation expense</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">98</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As at December 31, 2025, we had a total liability recognized at its fair value of $189 million (2024 - $103 million) related to stock-based compensation, including stock options, RSUs, and DSUs. The current portion of this is $114 million (2024 - $72 million) and is included in "accounts payable and accrued liabilities". The long-term portion of this is $75 million (2024 - $31 million) and is included in "other long-term liabilities" (see note 26).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The total intrinsic value of vested liabilities, which is the difference between the exercise price of the share-based awards and the trading price of the Class B Non-Voting Shares for all vested share-based awards, as at December 31, 2025 was $31 million (2024 - $32 million).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We paid $40 million in 2025 (2024 - $70 million) to holders of stock options, RSUs, and DSUs upon exercise using the cash settlement feature, representing a weighted average share price on the date of exercise of $42.00 (2024 - $56.88).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">STOCK OPTIONS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Options to purchase our Class B Non-Voting Shares on a one-for-one basis may be granted to our employees, directors, and officers by the Board or our Human Resources Committee. There are 65 million options authorized under various plans; each option has a term of <span style="-sec-ix-hidden:f-3394">seven</span> to ten years. The vesting period is generally graded vesting over four years; however, the Human Resources Committee may adjust the vesting terms on the grant date. The exercise price is typically equal to the fair market value of the Class B Non-Voting Shares, determined as the five-day average before the grant date as quoted on the TSX. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Performance options</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We did not grant performance-based options in 2025 (2024 - nil). As at December 31, 2025, we had 2,583,435 performance options (2024 - 2,583,435) outstanding. The outstanding options that were granted prior to 2022 vest on a graded basis over four years provided certain targeted stock prices are met on or after each anniversary date.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Summary of stock options</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the stock option plans, including performance options.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:29.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.343%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.343%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.343%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.346%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="6" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In number of units, except prices)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number of options</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average exercise price</span></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number of options</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average exercise price</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,707,847</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$63.89</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,593,645 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$63.88 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Granted</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,687,103</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$40.37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">353,105 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$61.39 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exercised</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(153,615)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$53.04 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Forfeited</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(628,856)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$62.82</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,085,288)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$64.44 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, end of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,766,094</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$58.58</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,707,847 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$63.89 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exercisable, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,322,180</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$64.10</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,135,190 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$63.69 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2025.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:21.005%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.486%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.749%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.090%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Options outstanding</span></td><td colspan="6" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Options exercisable</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Range of exercise prices</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number outstanding</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average remaining contractual life (years)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average exercise price</span></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number exercisable</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average exercise price</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$40.37 - $44.99</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,687,103 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.17</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$40.37 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$45.00 - $49.99</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">119,082 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.16</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$49.95 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">119,082 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$49.95 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$55.00 - $59.99</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,398,962 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.32</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$58.46 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,179,245 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$58.46 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$60.00 - $64.99</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,300,957 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.51</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$62.27 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,735,323 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$62.40 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$65.00 - $69.99</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,617,715 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.04</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$65.58 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,646,255 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$65.63 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$70.00 - $73.00</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">642,275 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.16</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$73.00 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">642,275 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$73.00 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,766,094 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.03</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$58.58 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,322,180 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$64.10 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Unrecognized stock-based compensation expense as at December 31, 2025 related to stock option plans was $12 million (2024 - $1 million) and will be recognized in net income within periods of up to the next four years as the options vest.</span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">RESTRICTED SHARE UNITS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The RSU plan allows employees, directors, and officers to participate in the growth and development of Rogers. Under the terms of the plan, RSUs are issued to the participant and the units issued vest over a period of up to three years from the grant date.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">On the vesting date, we redeem all of the participants' RSUs in cash or by issuing one Class B Non-Voting Share for each RSU. We have reserved 4,000,000 Class B Non-Voting Shares for issue under this plan. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Performance RSUs</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We granted 319,896 performance-based RSUs to certain key employees in 2025 (2024 - 378,296). For performance RSUs granted prior to 2023, the number of units that vest and will be paid three years from the grant date will be within 0% to 100% of the initial number granted and reinvested dividends based upon the achievement of certain annual targets.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Summary of RSUs</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the RSUs outstanding, including performance RSUs.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In number of units)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,448,224</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,551,728 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Granted and reinvested dividends</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,966,136</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,246,949 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exercised</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(790,423)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(943,096)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Forfeited</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(294,385)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(407,357)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, end of year</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,329,552</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,448,224 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Unrecognized stock-based compensation expense as at December 31, 2025 related to these RSUs was $54 million (2024 - $35 million) and will be recognized in net income over periods of up to the next three years as the RSUs vest.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">DEFERRED SHARE UNITS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The DSU plan allows directors, certain key executives, and other senior management to elect to receive certain types of compensation in DSUs. Under the terms of the plan, DSUs are issued to the participant and the units issued cliff vest over a period of up to three years from the grant date.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Performance DSUs</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We granted 5,332 performance-based DSUs to certain key executives in 2025 (2024 - 6,157) through reinvested dividends. All performance-based DSUs currently outstanding are fully vested.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Summary of DSUs</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the DSUs outstanding, including performance DSUs.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In number of units)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">908,678</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">956,410 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Granted and reinvested dividends</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">243,438</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">231,590 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exercised</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(168,049)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(279,098)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Forfeited</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(285)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(224)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, end of year</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">983,782</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">908,678 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Unrecognized stock-based compensation expense related to granted DSUs as at December 31, 2025 was $10 million (2024 - $5 million) and will be recognized in net income over the next three years as the executive DSUs vest. </span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">EMPLOYEE SHARE ACCUMULATION PLAN</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Participation in the plan is voluntary. Employees can contribute up to 15% of their regular earnings through payroll deductions (up to an annual maximum contribution of $25 thousand). The plan administrator purchases Class B Non-Voting Shares on a bi-weekly basis on the open market on behalf of the employee. On a bi-weekly basis, we make a contribution of 25% to 50% of the employee's contribution that period and the plan administrator uses this amount to purchase additional shares on behalf of the employee. We recognize our contributions made as a compensation expense. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Compensation expense related to the employee share accumulation plan was $57 million in 2025 (2024 - $61 million).</span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">EQUITY DERIVATIVES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have entered into equity derivatives to hedge a portion of our stock-based compensation expense (see note 19) and recognized a $22 million recovery (2024 - $102 million expense) in stock-based compensation expense for these derivatives.</span></div> <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Stock option plans</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Cash-settled share appreciation rights (SARs) are attached to all stock options granted under our employee stock option plan. This feature allows the option holder to choose to receive a cash payment equal to the intrinsic value of the option (the amount by which the market price of the Class B Non-Voting Share exceeds the exercise price of the option on the exercise date) instead of exercising the option to acquire Class B Non-Voting Shares. We classify all outstanding stock options with cash settlement features as liabilities and carry them at their fair value, determined using the Black-Scholes option pricing model or a trinomial option pricing model, depending on the nature of the share-based award. We remeasure the fair value of the liability each period and amortize it to "operating costs" or "restructuring, acquisition and other", as applicable, using graded vesting, either over the vesting period or to the date an employee is eligible to retire (whichever is shorter).</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Restricted share unit (RSU) and deferred share unit (DSU) plans</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize outstanding RSUs and DSUs as liabilities, measuring the liabilities and compensation costs based on the awards' fair values, which are based on the market price of the Class B Non-Voting Shares, and recognizing them as charges to "operating costs" over the vesting period of the awards. If an award's fair value changes after it has been granted and before the exercise date, we recognize the resulting changes in the liability within "operating costs" or "restructuring, acquisition and other", as applicable, in the year the change occurs. For RSUs, the payment amount is established as of the vesting date. For DSUs, the payment amount is established as of the exercise date.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Employee share accumulation plan</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Employees voluntarily participate in the share accumulation plan by contributing a specified percentage of their regular earnings. We match employee contributions up to a certain amount and recognize our contributions as a compensation expense in the year we make them. Expenses relating to the employee share accumulation plan are included in "operating costs".</span></div> The table below shows the weighted average fair value of stock options granted during 2025 and 2024 and the principal assumptions used in applying the Black-Scholes model for granted options to determine their fair value at the grant date.<div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average fair value</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$4.99</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$8.08 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Risk-free interest rate</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3.0</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.4 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividend yield</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.6 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Volatility of Class B Non-Voting Shares</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22.7</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24.2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average expected life</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5.5 years</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.4 years</span></td></tr></table></div> 4.99 8.08 0.030 0.034 0.052 0.036 0.227 0.242 P5Y6M P5Y4M24D <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock options</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Restricted share units</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred share units</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Equity derivative effect, net of interest receipt</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(22)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total stock-based compensation expense</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">98</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 37000000 -58000000 68000000 20000000 15000000 -10000000 -22000000 102000000 98000000 54000000 189000000 103000000 114000000 72000000 75000000 31000000 31000000 32000000 40000000 70000000 42.00 56.88 1 65000000 P10Y P4Y P5D 0 0 2583435 2583435 P4Y <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the stock option plans, including performance options.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:29.125%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.343%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.343%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.343%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.346%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2025</span></td><td colspan="6" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Year ended December 31, 2024</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In number of units, except prices)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number of options</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average exercise price</span></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number of options</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average exercise price</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, beginning of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,707,847</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$63.89</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,593,645 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$63.88 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Granted</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,687,103</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$40.37</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">353,105 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$61.39 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exercised</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">—</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(153,615)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$53.04 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Forfeited</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(628,856)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$62.82</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,085,288)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$64.44 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, end of year</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,766,094</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$58.58</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,707,847 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$63.89 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exercisable, end of year</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,322,180</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">$64.10</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,135,190 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$63.69 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div> 9707847 63.89 10593645 63.88 2687103 40.37 353105 61.39 0 0 153615 53.04 628856 62.82 1085288 64.44 11766094 58.58 9707847 63.89 7322180 64.10 6135190 63.69 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2025.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:21.005%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.486%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.749%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.930%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.090%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Options outstanding</span></td><td colspan="6" style="border-left:0.5pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Options exercisable</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Range of exercise prices</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number outstanding</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average remaining contractual life (years)</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average exercise price</span></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number exercisable</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average exercise price</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$40.37 - $44.99</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,687,103 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.17</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$40.37 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$45.00 - $49.99</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">119,082 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.16</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$49.95 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">119,082 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$49.95 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$55.00 - $59.99</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,398,962 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.32</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$58.46 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,179,245 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$58.46 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$60.00 - $64.99</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,300,957 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.51</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$62.27 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,735,323 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$62.40 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$65.00 - $69.99</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,617,715 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.04</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$65.58 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,646,255 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$65.63 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$70.00 - $73.00</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">642,275 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.16</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$73.00 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">642,275 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$73.00 </span></td><td style="padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-left:0.5pt solid #000000;border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,766,094 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.03</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$58.58 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;border-left:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,322,180 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">$64.10 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td></tr></table></div> 40.37 44.99 2687103 P9Y2M1D 40.37 0 0 45.00 49.99 119082 P0Y1M28D 49.95 119082 49.95 55.00 59.99 1398962 P4Y3M25D 58.46 1179245 58.46 60.00 64.99 2300957 P4Y6M3D 62.27 1735323 62.40 65.00 69.99 4617715 P6Y14D 65.58 3646255 65.63 70.00 73.00 642275 P3Y1M28D 73.00 642275 73.00 11766094 P6Y10D 58.58 7322180 64.10 12000000 1000000 P4Y P3Y 1 4000000 319896 378296 P3Y 0 1 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the RSUs outstanding, including performance RSUs.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In number of units)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,448,224</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,551,728 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Granted and reinvested dividends</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,966,136</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,246,949 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exercised</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(790,423)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(943,096)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Forfeited</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(294,385)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(407,357)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, end of year</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,329,552</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,448,224 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the DSUs outstanding, including performance DSUs.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In number of units)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, beginning of year</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">908,678</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">956,410 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Granted and reinvested dividends</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">243,438</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">231,590 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exercised</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(168,049)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(279,098)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Forfeited</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(285)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(224)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding, end of year</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">983,782</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">908,678 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 2448224 2551728 1966136 1246949 790423 943096 294385 407357 3329552 2448224 54000000 35000000 P3Y P3Y 5332 6157 908678 956410 243438 231590 168049 279098 285 224 983782 908678 10000000 5000000 P3Y 0.15 25000 0.25 0.50 57000000 61000000 -22000000 102000000 RELATED PARTY TRANSACTIONS<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CONTROLLING SHAREHOLDER</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Voting control of Rogers Communications Inc. is held by the Rogers Control Trust (the Trust) for the benefit of successive generations of the Rogers family and, as a result, the Trust is able to elect all members of the Board and to control the vote on most matters submitted to shareholders, whether through a shareholder meeting or a written consent resolution. The beneficiaries of the Trust are a small group of individuals who are members of the Rogers family, some of whom are also directors of the Board. The trustee is the trust company subsidiary of a Canadian chartered bank.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We entered into certain transactions with private Rogers family holding companies controlled by the Trust. These transactions were recognized at the amount agreed to by the related parties and are subject to the terms and conditions of formal agreements approved by the Audit and Risk Committee. The totals received or paid were less than $1 million for each of 2025 and 2024.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Key management personnel include the directors and our most senior corporate officers, who are primarily responsible for planning, directing, and controlling our business activities.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Compensation</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Compensation expense for key management personnel included in "employee salaries, benefits, and stock-based compensation" and "restructuring, acquisition and other" was as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Salaries and other short-term employee benefits</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Post-employment benefits</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock-based compensation </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total compensation</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">49</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">56 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Stock-based compensation does not include the effect of changes in fair value of Class B Non-Voting Shares or equity derivatives.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In addition to the amounts included in "post-employment benefits" in the table above, we assumed a liability of $102 million through the Shaw Transaction related to a legacy pension arrangement with one of our directors whereby the director will be paid $1 million per month until March 2035, $12 million of which was paid in 2025 (2024 - $12 million).The remaining liability of $83 million is included in "accounts payable and accrued liabilities" (for the amount to be paid within the next year) or "other long-term liabilities".</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Transactions</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We have entered into business transactions with Dream Unlimited Corp. (Dream), which is controlled by our Director Michael J. Cooper. Dream is a real estate company that rents spaces in office and residential buildings. Total amounts paid to this related party were nominal for each of 2025 and 2024. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">On closing of the Shaw Transaction, we entered into an advisory agreement with Brad Shaw in accordance with the arrangement agreement, pursuant to which he was paid $20 million for a two-year period following closing in exchange for performing certain services related to the transition and integration of Shaw, of which $3 million was recognized in net income and paid during the year ended December 31, 2025 (2024 - $10 million); the final payment under this arrangement was made during the three months ended March 31, 2025. This amount is included in "Salaries and other short-term employee benefits" in the table above. We have also entered into certain other transactions with the Shaw Family Group. Total amounts paid to the Shaw Family Group in 2025 and 2024 were under $1 million.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We recognize these transactions at the amount agreed to by the related parties, which are also reviewed by the Audit and Risk Committee. The amounts owing for these services were unsecured, interest-free, and due for payment in cash within one month of the date of the transaction.</span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">SUBSIDIARIES, ASSOCIATES, AND JOINT ARRANGEMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our material operating subsidiaries, along with our relative ownership percentages, as at December 31, 2025 and 2024 were as follows. Each is incorporated in Canada and, with the exception of MLSE, has the same reporting period for annual financial statement reporting. MLSE's fiscal year-end is June 30 to align with the end of the NHL and NBA seasons; financial information for MLSE has been prepared for the period ended December 31, 2025.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.701%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.966%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.966%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.967%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Jurisdiction of Incorporation</span></div></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ownership Percentage</span></div></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsidiary</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rogers Communications Canada Inc.</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Canada</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rogers Media Inc.</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Canada</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maple Leaf Sports &amp; Entertainment Ltd.</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Canada</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 1</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Backhaul Network Services Inc.</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Canada</span></div></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50.1 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">MLSE was held through a joint venture prior to the MLSE Transaction closing on July 1, 2025.</span></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">When necessary, adjustments are made to conform the accounting policies of the subsidiaries to those of RCI. As disclosed in note 28, there is a contractual restriction on the transfer of cash between BNSI and other group entities. Further, the MLSE minority holder has certain protective rights related to the transfer of cash or other assets held by MLSE to Rogers. There are no other significant restrictions on the ability of subsidiaries, joint arrangements, and associates to transfer funds to us as cash dividends or to repay loans or advances, subject to the approval of other shareholders where applicable.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Subsidiaries</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under IFRS, certain summary financial information of BNSI is required to be disclosed (see note 28). Income and cash flow activity in the table below reflects the period from June 20, 2025 (the date the network transaction closed) to December 31, 2025.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.122%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:26.678%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at or year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current assets, including cash and cash equivalents of $0.4 billion</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">738 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term assets, including intangible assets of $7.9 billion</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,227 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(267)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total net assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,682 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">823 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenses</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income attributable to RCI</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income attributable to non-controlling interest</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flows provided by operating activities</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">618 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flows used in investing activities</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,642)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flows provided by financing activities</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,393 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in cash and cash equivalents</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">369 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Associates and joint arrangements</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We carried out the following business transactions with our associates and joint arrangements. MLSE activity is included prior to July 1, 2025 when the MLSE Transaction closed and activity related to MLSE's associates (see note 20) is included from July 1, 2025.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">51</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases and lease payments</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">174</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">231 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Outstanding balances at year-end are unsecured, interest-free, and settled in cash.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">95</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and other liabilities</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">300</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">163 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 1000000 1000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Compensation expense for key management personnel included in "employee salaries, benefits, and stock-based compensation" and "restructuring, acquisition and other" was as follows:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Salaries and other short-term employee benefits</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Post-employment benefits</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Stock-based compensation </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total compensation</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">49</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">56 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Stock-based compensation does not include the effect of changes in fair value of Class B Non-Voting Shares or equity derivatives.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We carried out the following business transactions with our associates and joint arrangements. MLSE activity is included prior to July 1, 2025 when the MLSE Transaction closed and activity related to MLSE's associates (see note 20) is included from July 1, 2025.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">51</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchases and lease payments</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">174</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">231 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Outstanding balances at year-end are unsecured, interest-free, and settled in cash.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:64.717%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.693%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.694%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">95</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and other liabilities</span></div></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">300</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">163 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 12000000 20000000 2000000 2000000 35000000 34000000 49000000 56000000 102000000 1000000 12000000 12000000 83000000 20000000 P2Y 3000000 10000000 1000000 1000000 P1M <div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:50.701%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.966%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.966%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.967%"></td><td style="width:0.1%"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Jurisdiction of Incorporation</span></div></td><td colspan="6" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ownership Percentage</span></div></td></tr><tr style="height:12pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsidiary</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rogers Communications Canada Inc.</span></div></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Canada</span></div></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:0.5pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100 </span></td><td style="border-top:0.5pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rogers Media Inc.</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Canada</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maple Leaf Sports &amp; Entertainment Ltd.</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Canada</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75.0 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 1</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Backhaul Network Services Inc.</span></div></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Canada</span></div></td><td colspan="2" style="border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50.1 </span></td><td style="border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n/a</span></td></tr></table></div> 1 1 1 1 0.750 0.501 <div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Subsidiaries</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Under IFRS, certain summary financial information of BNSI is required to be disclosed (see note 28). Income and cash flow activity in the table below reflects the period from June 20, 2025 (the date the network transaction closed) to December 31, 2025.</span></div><div style="margin-top:5pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:71.122%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:26.678%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at or year ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current assets, including cash and cash equivalents of $0.4 billion</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">738 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term assets, including intangible assets of $7.9 billion</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,227 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(267)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term liabilities</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total net assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,682 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">823 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenses</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">799 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income attributable to RCI</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net income attributable to non-controlling interest</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flows provided by operating activities</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">618 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flows used in investing activities</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,642)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flows provided by financing activities</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,393 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in cash and cash equivalents</span></div></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">369 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div> 400000000 738000000 7900000000 15227000000 267000000 16000000 15682000000 823000000 799000000 24000000 12000000 12000000 618000000 -6642000000 6393000000 369000000 51000000 45000000 174000000 231000000 95000000 101000000 300000000 163000000 GUARANTEES<div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We had the following guarantees as at December 31, 2025 and 2024 as part of our normal course of business:</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">BUSINESS SALE AND BUSINESS COMBINATION AGREEMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As part of transactions involving business dispositions, sales of assets, or other business combinations, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, intellectual property right infringement, loss or damages to property, environmental liabilities, changes in laws and regulations (including tax legislation), litigation against the counterparties, contingent liabilities of a disposed business, or reassessments of previous tax filings of the corporation that carries on the business.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">SALES OF SERVICES</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As part of transactions involving sales of services, we may be required to make payments to counterparties as a result of breaches of representations and warranties, changes in laws and regulations (including tax legislation), or litigation against the counterparties.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">PURCHASES AND DEVELOPMENT OF ASSETS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">As part of transactions involving purchases and development of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, loss or damages to property, changes in laws and regulations (including tax legislation), or litigation against the counterparties.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">INDEMNIFICATIONS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We indemnify our directors, officers, and employees against claims reasonably incurred and resulting from the performance of their services to Rogers. We have liability insurance for our directors and officers and those of our subsidiaries.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">No amount has been accrued in the Consolidated Statements of Financial Position relating to these types of indemnifications or guarantees as at December 31, 2025 or 2024. Historically, we have not made any significant payments under these indemnifications or guarantees.</span></div> COMMITMENTS AND CONTINGENT LIABILITIES<div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ACCOUNTING POLICY</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Contingent liabilities are liabilities of uncertain timing or amount and are not recognized until we have a present obligation as a result of a past event, it is probable that we will experience an outflow of resources embodying economic benefits to settle the obligation, and a reliable estimate can be made of the amount of the obligation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We disclose our contingent liabilities unless the possibility of an outflow of resources in settlement is remote.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">JUDGMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We are exposed to possible losses related to various claims and lawsuits against us for which the outcome is not yet known. We therefore make significant judgments in determining the probability of loss when we assess contingent liabilities.</span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">SUMMARY OF COMMITMENTS</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of the future minimum payments for our contractual commitments that are not recognized as liabilities as at December 31, 2025.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:29.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.884%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.888%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">After </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars) </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 Year </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1-3 Years </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4-5 Years </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5 Years </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total </span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Player contracts </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">566 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">811 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">359 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">215 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,951 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase obligations </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">910 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">940 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">995 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,326 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Program rights </span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,157 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,118 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,174 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,159 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,608 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total commitments</span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,633 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,869 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,014 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,369 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,885 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:3pt;padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Professional sports players' salary contracts into which we have entered and are contractually obligated to pay.</span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Contractual obligations under service, product, and wireless device contracts to which we have committed. </span></div><div style="padding-left:4.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:120%">    Agreements into which we have entered to acquire broadcasting rights for periods in excess of one year at contract inception.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our other contractual commitments that are not included in the table above.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.924%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.854%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.922%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition of property, plant and equipment</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,739</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition of intangible assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">210</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other commitments</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,949</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">On February 6, 2026, Innovation, Science and Economic Development Canada announced we had won 30 spectrum licences in a residual spectrum licence auction, primarily in the 3800 MHz band, for a total cost of $84 million. We made the first payment of $17 million on February 20, 2026. Final payment of the $67 million remaining balance will be due on March 20, 2026.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CONTINGENT LIABILITIES</span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Income taxes</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We provide for income taxes based on all of the information that is currently available and believe that we have adequately provided for these items. The calculation of applicable taxes in many cases, however, requires significant judgment (see note 14) in interpreting tax rules and regulations. Our tax filings are subject to audits, which could materially change the amount of current and deferred income tax assets and liabilities and provisions, and could, in certain circumstances, result in the assessment of interest and penalties.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">Outcome of proceedings</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We are involved in various disputes, governmental and/or regulatory inspections, investigations, and proceedings, and other litigation matters. Such legal proceedings can be complex, costly, and highly disruptive to our business operations by diverting the attention and energy of management and other key personnel. It is not possible for us to predict the outcome of such legal proceedings due to the various factors and uncertainties involved in the legal process. Potential outcomes include judgment, awards, settlements, or orders that could have a material adverse effect on our business, reputation, financial condition and results. Legal proceedings could impose restraints on our current or future manner of doing business. The amounts ultimately paid or received upon settlement or pursuant to a final judgment, order, or decree may differ materially from amounts accrued in our financial statements.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Based on information currently known to us, we believe it is not probable that the ultimate resolution of any of the current legal proceedings to which we are subject, individually or in total, will have a material adverse impact on our business, financial results, or financial condition. If circumstances change and it becomes probable that we will be held liable for claims against us and such claim is estimable, we will recognize a provision during the period in which the change in probability occurs, which could be material to our Consolidated Statements of Income or Consolidated Statements of Financial Position.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Contingent liabilities are liabilities of uncertain timing or amount and are not recognized until we have a present obligation as a result of a past event, it is probable that we will experience an outflow of resources embodying economic benefits to settle the obligation, and a reliable estimate can be made of the amount of the obligation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We disclose our contingent liabilities unless the possibility of an outflow of resources in settlement is remote.</span></div> 566000000 811000000 359000000 215000000 1951000000 910000000 940000000 481000000 995000000 3326000000 1157000000 2118000000 2174000000 8159000000 13608000000 2633000000 3869000000 3014000000 9369000000 18885000000 <div style="text-align:justify"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Below is a summary of our other contractual commitments that are not included in the table above.</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:72.924%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.854%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.922%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">As at December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition of property, plant and equipment</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,739</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition of intangible assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">210</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total other commitments</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,949</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 1739000000 210000000 1949000000 30 84000000 17000000 67000000 SUPPLEMENTAL CASH FLOW INFORMATION <div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CHANGE IN NET OPERATING ASSETS AND LIABILITIES</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.056%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.715%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts receivable, excluding financing receivables</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(540)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(396)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financing receivables</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(115)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(318)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inventories</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(185)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(64)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">146 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(21)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(209)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract and other liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total change in net operating assets and liabilities</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(592)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(876)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CAPITAL EXPENDITURES</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures before proceeds on disposition</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,863</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on disposition</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8, 9</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(156)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(59)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,707</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,041 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> <div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CHANGE IN NET OPERATING ASSETS AND LIABILITIES</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.116%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.056%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.713%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.715%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts receivable, excluding financing receivables</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(540)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(396)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financing receivables</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(115)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(318)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inventories</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(185)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(64)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">146 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accounts payable and accrued liabilities</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(21)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(209)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract and other liabilities</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total change in net operating assets and liabilities</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-weight:400;line-height:100%"> </span></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(592)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(876)</span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#da291c;font-family:'Ted Next',sans-serif;font-size:9pt;font-weight:700;line-height:120%">CAPITAL EXPENDITURES</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.849%"><tr><td style="width:1.0%"></td><td style="width:64.614%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.736%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">  </span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Years ended December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(In millions of dollars)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:100%">Note</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2024</span></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures before proceeds on disposition</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,863</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,100 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds on disposition</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:7pt;font-style:italic;font-weight:400;line-height:100%">8, 9</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(156)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(59)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital expenditures</span></td><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,707</span><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Ted Next',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,041 </span></td><td style="border-bottom:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> -540000000 -396000000 115000000 318000000 16000000 7000000 102000000 -185000000 -64000000 146000000 -21000000 -209000000 30000000 79000000 592000000 876000000 3863000000 4100000000 156000000 59000000 3707000000 4041000000