| Schedule of Long-term Debt |
| | | | | | | | | | | | | | | | | | 2025 |
| 2024 | | Canadian dollar denominated debt, unsecured | | |
| | | | | | | | Medium-term notes | |
|
|
| 3.42% debentures due December 1, 2026 | | $ | 441 | |
| $ | 441 | | 2.50% debentures due January 17, 2028 | | 225 | | | 225 | | 3.30% debentures due December 8, 2028 | | 550 | | | — | | 3.75% debentures due February 8, 2031 | | 550 | | | — | | 4.15% debentures due December 15, 2031 | | 500 | | | 500 | | 4.55% debentures due February 8, 2036 | | 550 | | | — | | 4.85% debentures due May 30, 2047 | | 300 | |
| 300 | | | | | 3,116 | | | 1,466 | | | US dollar denominated debt, unsecured | | | | | Bank credit facilities (December 31, 2025 – US$2,860 million; December 31, 2024 – US$3,393 million) | | 3,922 | |
| 4,888 | | Commercial paper (December 31, 2025 – US$nil; December 31, 2024 – US$467 million) | | — | |
| 672 | | | US dollar debt securities | |
|
|
| 3.90% due February 1, 2025 (US$600 million) | | — | |
| 864 | | 2.05% due July 15, 2025 (US$600 million) | | — | | | 864 | | 3.85% due June 1, 2027 (US$1,250 million) | | 1,715 | |
| 1,801 | | 5.00% due December 15, 2029 (US$750 million) | | 1,029 | | | 1,080 | | 2.95% due July 15, 2030 (US$500 million) | | 685 | | | 720 | | 7.20% due January 15, 2032 (US$400 million) | | 548 | |
| 576 | | 6.45% due June 30, 2033 (US$350 million) | | 480 | |
| 504 | | 5.40% due December 15, 2034 (US$750 million) | | 1,029 | | | 1,080 | | 5.85% due February 1, 2035 (US$350 million) | | 480 | |
| 504 | | 6.50% due February 15, 2037 (US$450 million) | | 617 | |
| 649 | | 6.25% due March 15, 2038 (US$1,100 million) | | 1,509 | |
| 1,585 | | 6.75% due February 1, 2039 (US$400 million) | | 548 | |
| 576 | | 4.95% due June 1, 2047 (US$750 million) | | 1,029 | |
| 1,080 | | | | | 13,591 | | | 17,443 | | | Long-term debt before transaction costs and original issue discounts, net | | 16,707 | | | 18,909 | | Less: original issue discounts, net (1) | | 14 | |
| 12 | | transaction costs (1) (2) | | 76 | |
| 78 | | | | | 16,617 | | | 18,819 | | | Less: current portion of commercial paper | | — | |
| 672 | | current portion of long-term debt (1) (2) | | 441 | |
| 1,728 | | | | | $ | 16,176 | | | $ | 16,419 | |
(1)The Company has included unamortized original issue discounts and premiums, and directly attributable transaction costs in the carrying amount of the outstanding debt. (2)Transaction costs primarily represent underwriting commissions charged as a percentage of the related debt offerings, as well as legal, rating agency, and other professional fees.
|
| Schedule of Debt Repayments |
Scheduled debt repayments are as follows: | | | | | | | Year | Repayment | | 2026 | $ | 441 | | | 2027 | $ | 5,637 | | | 2028 | $ | 775 | | | 2029 | $ | 1,029 | | | 2030 | $ | 685 | | | Thereafter | $ | 8,140 | |
The maturity dates of the Company's financial liabilities were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | As at December 31, 2025 | | Less than 1 year | | 1 to less than 2 years | | 2 to less than 5 years | | Thereafter | | Accounts payable | | $ | 1,105 | | | $ | — | | | $ | — | | | $ | — | | | Accrued liabilities | | $ | 4,255 | | | $ | — | | | $ | — | | | $ | — | | Long-term debt (1) | | $ | 441 | | | $ | 5,637 | | | $ | 2,489 | | | $ | 8,140 | | Other long-term liabilities (2) | | $ | 381 | | | $ | 268 | | | $ | 659 | | | $ | 1,863 | | Interest and other financing expense (3) | | $ | 971 | | | $ | 910 | | | $ | 1,860 | | | $ | 3,678 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | As at December 31, 2024 | | Less than 1 year | | 1 to less than 2 years | | 2 to less than 5 years | | Thereafter | | Accounts payable | | $ | 1,079 | | | $ | — | | | $ | — | | | $ | — | | | Accrued liabilities | | $ | 4,525 | | | $ | — | | | $ | — | | | $ | — | | Long-term debt (1) | | $ | 2,400 | | | $ | 941 | | | $ | 7,494 | | | $ | 8,074 | | Other long-term liabilities (2) | | $ | 263 | | | $ | 187 | | | $ | 405 | | | $ | 617 | | Interest and other financing expense (3) | | $ | 1,024 | | | $ | 951 | | | $ | 1,978 | | | $ | 3,574 | |
(1)Long-term debt represents principal repayments only and does not reflect interest, original issue discounts and premiums or transaction costs. (2)Lease payments included within other long-term liabilities reflect principal payments only and are as follows; less than one year, $373 million (2024 – $255 million); one to less than two years, $268 million (2024 – $187 million); two to less than five years, $654 million (2024 – $405 million); and thereafter, $1,811 million (2024 – $617 million). (3)Includes interest and other financing expense on long-term debt and other long-term liabilities. Payments were estimated based upon applicable interest and foreign exchange rates as at December 31, 2025 and December 31, 2024, respectively.
|