v3.26.1
RIGHT-OF-USE ASSETS
 12 Months Ended
Dec. 31, 2025
RIGHT-OF-USE ASSETS  
RIGHT-OF-USE ASSETS

11.  RIGHT-OF-USE ASSETS

Changes in the net carrying amount of right-of-use assets which mainly relate to leases of premises and vehicles, are as follows:

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2025

  ​ ​ ​

2024

Cost

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Balance at beginning of year

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$

770.7

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$

647.7

Additions financed with lease obligations

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122.6

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​

158.8

Retirement and other

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(82.3)

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(35.8)

Balance at end of year

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811.0

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770.7

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Accumulated depreciation

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Balance at beginning of year

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421.0

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334.7

Depreciation

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​

128.1

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​

124.0

Retirement and other

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(81.5)

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(37.7)

Balance at end of year

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467.6

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421.0

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Net carrying amount

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$

343.4

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$

349.7

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The Corporation does not recognize right-of-use assets and lease liabilities for short-term leases and leases of low value assets.

The net carrying amount includes right-of-use assets with affiliated corporations of $6.7 million as of December 31, 2025 ($9.5 million as of December 31, 2024). The depreciation expense on leases with affiliated corporations was $3.1 million in 2025 ($3.9 million in 2024 and $4.2 million in 2023).