v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Text block [abstract]  
Summary of Financial Assets and Liabilities

Financial assets and liabilities in the consolidated statement of financial position are as follows:

 

 

 

June 30, 2026
(millions of U.S. dollars)

 

Assets/ (Liabilities) at Amortized Cost

 

Assets/ (Liabilities) at Fair Value through Earnings

 

Assets at Fair Value through Other Comprehensive Income or Loss

 

Derivatives Used for Hedging

 

Total

Cash and cash equivalents

 

285

 

292

 

-

 

-

 

577

Trade and other receivables

 

1,127

 

-

 

-

 

-

 

1,127

Other financial assets - current

 

31

 

85

 

-

 

-

 

116

Other financial assets -
   non-current

8

 

277

 

184

 

-

 

469

Current indebtedness

 

(1,618)

 

-

 

-

 

-

 

(1,618)

Trade payables (see note 12)

 

(170)

 

-

 

-

 

-

 

(170)

Accruals (see note 12)

 

(723)

 

-

 

-

 

-

 

(723)

Other financial liabilities -
   current(1)(2)

 

(308)

 

(10)

 

-

 

-

 

(318)

Long-term indebtedness

 

(1,323)

 

-

 

-

 

-

 

(1,323)

Other financial liabilities -
   non-current(3)

 

(183)

 

-

 

-

 

(23)

 

(206)

Total

 

(2,874)

 

644

 

184

 

(23)

 

(2,069)

 

 

 

December 31, 2025
(millions of U.S. dollars)

 

Assets/ (Liabilities) at Amortized Cost

 

Assets/ (Liabilities) at Fair Value through Earnings

 

Assets at Fair Value through Other Comprehensive Income or Loss

 

Derivatives Used for Hedging

 

Total

Cash and cash equivalents

 

276

 

235

 

-

 

-

 

511

Trade and other receivables

 

1,143

 

-

 

-

 

-

 

1,143

Other financial assets - current

 

10

 

84

 

-

 

-

 

94

Other financial assets -
   non-current

 

10

 

288

 

168

 

-

 

466

Current indebtedness

 

(795)

 

-

 

-

 

-

 

(795)

Trade payables (see note 12)

 

(147)

 

-

 

-

 

-

 

(147)

Accruals (see note 12)

 

(826)

 

-

 

-

 

-

 

(826)

Other financial liabilities -
   current(1)

 

(68)

 

(40)

 

-

 

-

 

(108)

Long-term indebtedness

 

(1,328)

 

-

 

-

 

-

 

(1,328)

Other financial liabilities -
   non-current(3)

 

(194)

 

-

 

-

 

(16)

 

(210)

Total

 

(1,919)

 

567

 

168

 

(16)

 

(1,200)

 

 

(1)
Includes lease liabilities of $60 million (2025 - $59 million).
(2)
Includes a commitment to repurchase up to $238 million of shares related to the Company’s pre-defined plan with its broker to repurchase the Company's shares during its internal trading blackout period. See note 14.
(3)
Includes lease liabilities of $181 million (2025 - $190 million).
Summary of Debt and Related Derivative Instruments

The following is a summary of the Company's debt and related derivative instruments that hedge debt:

 

 

 

Carrying Amount

 

Fair Value

June 30, 2026
(millions of U.S. dollars)

 

Primary Debt Instruments

 

Derivative Instruments

 

Primary Debt Instruments

 

Derivative Instruments

Commercial paper

 

1,618

 

-

 

1,620

 

-

$500 5.85% Notes due 2040

 

489

 

3

 

496

 

3

$119 4.50% Notes due 2043

 

113

 

3

 

98

 

3

$350 5.65% Notes due 2043

 

326

 

17

 

344

 

17

$400 5.50% Debentures due 2035

 

395

 

-

 

405

 

-

Total

 

2,941

 

23

 

2,963

 

23

Current portion

 

1,618

 

-

 

 

 

 

Long-term portion

 

1,323

 

23

 

 

 

 

 

 

 

Carrying Amount

 

Fair Value

December 31, 2025
(millions of U.S. dollars)

 

Primary Debt Instruments

 

Derivative Instruments

 

Primary Debt Instruments

 

Derivative Instruments

Commercial paper

 

295

 

-

 

295

 

-

$500 3.35% Notes due 2026

 

500

 

-

 

498

 

-

$500 5.85% Notes due 2040

 

490

 

-

 

520

 

-

$119 4.50% Notes due 2043

 

114

 

3

 

99

 

3

$350 5.65% Notes due 2043

 

329

 

13

 

353

 

13

$400 5.50% Debentures due 2035

 

395

 

-

 

417

 

-

Total

 

2,123

 

16

 

2,182

 

16

Current portion

 

795

 

-

 

 

 

 

Long-term portion

 

1,328

 

16

 

 

 

 

 

Debt repayment

 

In May 2026, the Company repaid its $500 million 3.35% notes upon maturity with cash on hand and commercial paper borrowings.
Fair Value Hierarchy

The levels used to determine fair value measurements for those instruments carried at fair value in the consolidated statement of financial position are as follows:

 

June 30, 2026
(millions of U.S. dollars)

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total
Balance

Assets

 

 

 

 

 

 

 

 

 

 

Money market accounts and other securities

 

-

 

292

 

-

 

292

Other receivables(1)

 

-

 

-

 

362

 

362

Financial assets at fair value through earnings

 

-

 

292

 

362

 

654

Financial assets at fair value through other comprehensive income(2)

 

-

 

-

 

184

 

184

Total assets

 

-

 

292

 

546

 

838

Liabilities

 

 

 

 

 

 

 

 

Derivatives used for hedging(3)

 

-

 

(23)

 

-

 

(23)

Contingent consideration(4)

 

-

 

-

 

(10)

 

(10)

Financial liabilities at fair value through earnings

 

-

 

(23)

 

(10)

 

(33)

Total liabilities

 

-

 

(23)

 

(10)

 

(33)

 

December 31, 2025
(millions of U.S. dollars)

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total
Balance

Assets

 

 

 

 

 

 

 

 

 

 

Money market accounts and other securities

 

-

 

235

 

-

 

235

Other receivables(1)

 

 

 

-

 

-

 

372

 

372

Financial assets at fair value through earnings

 

-

 

235

 

372

 

607

Financial assets at fair value through other comprehensive income(2)

 

-

 

-

 

168

 

168

Total assets

 

-

 

235

 

540

 

775

Liabilities

 

 

 

 

 

 

 

 

Derivatives used for hedging(3)

 

-

 

(16)

 

-

 

(16)

Contingent consideration(4)

 

-

 

-

 

(40)

 

(40)

Financial liabilities at fair value through earnings

 

-

 

(16)

 

(40)

 

(56)

Total liabilities

 

-

 

(16)

 

(40)

 

(56)

 

(1)
Receivables under an indemnification and other arrangements.
(2)
Investments in entities over which the Company does not have control, joint control or significant influence.
(3)
Comprised of fixed-to-floating interest rate swaps on indebtedness maturing in 2040 and 2043.
(4)
Obligations to pay additional consideration for prior acquisitions, based upon performance measures contractually agreed at the time of purchase, and in 2025, to purchase shares from minority owners of a subsidiary.