v3.26.1
Financial assets and liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Financial Instruments [Abstract]  
Schedule of Financial Liabilities
The following table provides the fair value details of certain financial instruments measured at amortized cost in the statements of financial position.
  June 30, 2026December 31, 2025
ClassificationFair value methodologyCarrying valueFair valueCarrying value Fair value
Debt securities and other debt Debt due within
one year and
long-term debt		Quoted market
price of debt		33,581 33,837 31,236 31,286 
Schedule of Fair Value Measurement of Assets
The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
Fair value
  ClassificationCarrying value of asset (liability) Quoted prices in active markets for identical assets (level 1)
Observable market data (level 2) (1)
Non-observable market inputs (level 3) (2)
June 30, 2026       
Publicly-traded and
privately-held investments (3) (4)
Other non-current assets352 184 — 168 
Derivative financial instrumentsOther current assets, trade payables and other liabilities, other non-current assets and liabilities(268)— (268)— 
InvestmentsOther non-current assets 247 — 247 — 
December 31, 2025
Publicly-traded and
privately-held investments (3)
Other non-current assets1,198 105 — 1,093 
Derivative financial instrumentsOther current assets, trade payables and other liabilities, other non-current assets and liabilities(513)— (513)— 
InvestmentsOther non-current assets246 — 246 — 
(1)Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.
(2)Non-observable market inputs such as discounted cash flows, prices of comparable investments and revenue and earnings multiples. For certain privately-held investments, changes in our valuation assumptions may result in a significant change in the fair value of our level 3 financial instruments.
(3)Unrealized gains and losses are recorded in Other comprehensive income in the consolidated statements of comprehensive income and are reclassified from Accumulated other comprehensive (loss) income to the Deficit in the statements of financial position when realized.
(4)In Q1 2026, our investment in the Montréal Canadiens was reclassified to Investments in associates and joint ventures in the statements of financial position. See Note 10, Investments in associates and joint ventures, for additional details.
Schedule of Fair Value Measurement of Liabilities
The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
Fair value
  ClassificationCarrying value of asset (liability) Quoted prices in active markets for identical assets (level 1)
Observable market data (level 2) (1)
Non-observable market inputs (level 3) (2)
June 30, 2026       
Publicly-traded and
privately-held investments (3) (4)
Other non-current assets352 184 — 168 
Derivative financial instrumentsOther current assets, trade payables and other liabilities, other non-current assets and liabilities(268)— (268)— 
InvestmentsOther non-current assets 247 — 247 — 
December 31, 2025
Publicly-traded and
privately-held investments (3)
Other non-current assets1,198 105 — 1,093 
Derivative financial instrumentsOther current assets, trade payables and other liabilities, other non-current assets and liabilities(513)— (513)— 
InvestmentsOther non-current assets246 — 246 — 
(1)Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.
(2)Non-observable market inputs such as discounted cash flows, prices of comparable investments and revenue and earnings multiples. For certain privately-held investments, changes in our valuation assumptions may result in a significant change in the fair value of our level 3 financial instruments.
(3)Unrealized gains and losses are recorded in Other comprehensive income in the consolidated statements of comprehensive income and are reclassified from Accumulated other comprehensive (loss) income to the Deficit in the statements of financial position when realized.
(4)In Q1 2026, our investment in the Montréal Canadiens was reclassified to Investments in associates and joint ventures in the statements of financial position. See Note 10, Investments in associates and joint ventures, for additional details.
Schedule of Detailed Information of Foreign Currency Forward Contracts and Options
The following table provides further details on our outstanding foreign currency forward contracts and options at June 30, 2026.
Type of hedgeBuy
currency		Amount to receiveSell
currency		Amount
to pay		MaturityHedged item
Cash flow (1)
USD1,132 CAD1,604 2026Loans
Cash flowUSD425 CAD589 2026Commercial paper
Cash flowUSD442 CAD587 2026Anticipated purchases
Cash flowPHP4,752 CAD110 2026Anticipated purchases
Cash flowUSD440 CAD589 2027Anticipated purchases
Cash flowUSD120 CAD156 2028Anticipated purchases
Economic - call optionsUSD60 CAD79 2026Anticipated purchases
Economic - options (2)
USD10 CAD13 2026Anticipated purchases
Economic - call optionsCAD261 USD180 2026Anticipated purchases
Economic - put options USD80 CAD105 2026Anticipated purchases
Economic - put optionsCAD67 USD50 2026Anticipated purchases
Economic - call optionsUSD75 CAD99 2027Anticipated purchases
Economic - put optionsUSD60 CAD79 2027Anticipated purchases
Economic - options (2)
USD44 CAD59 2027Anticipated purchases
Economic - call optionsCAD360 USD240 2028Anticipated purchases
Economic - put optionsUSD120 CAD156 2028Anticipated purchases
Economic - call optionsUSD— CAD7 2028Anticipated purchases
(1)Forward contracts to hedge loans secured by receivables under our securitization program.
(2)Foreign currency options with a leverage provision and a profit cap limitation.
In 2026, we entered into interest rate swaps to hedge the fair value and interest cost of debt instruments as follows:
DebtFair value hedgeHedge of interest cost
SeriesMaturityNotional amountMaturityNotional amountMaturity
E Notes2056750 2036750 2031
EH Notes2041400 2041400 2031
EO Notes2053150 2046150 2031-2032
EU Notes2054150 2046150 2032
M-45 MTN debentures204733 204733 2028
M-61 MTN debentures2053400 2046400 2031
M-68 MTN debentures2033750 2029— — 
M-70 MTN debentures2056700 2046700 2031