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v3.26.1

BORROWINGS (Tables) | 6 Months Ended
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Jun. 30, 2026
Financial Instruments [Abstract] |
Disclosure of detailed information about borrowings |
| Maturity |  | Annual Rate |  | Currency |  | As of |
June 30, 2026 |  | December 31, 2025 |
Corporate revolving credit facility | June 29, 2031 |  | SOFR plus 1.2% |  | US$ |  | $ | 700 |  |  | $ | — |  |
Commercial paper(1) | July 27, 2026 |  | 4.1% |  | US$ |  | 467 |  |  | 735 |  |
Non-current: |  |  |  |  |  |  |  |  |  |
Medium-term notes: |  |  |  |  |  |  |  |  |  |
Public - Canadian | November 14, 2027 |  | 5.6% |  | C$ |  | 317 |  |  | 328 |  |
Public - Canadian | September 11, 2028 |  | 4.2% |  | C$ |  | 493 |  |  | 510 |  |
Public - Canadian | October 9, 2029 |  | 3.4% |  | C$ |  | 493 |  |  | 510 |  |
Public - Canadian | July 27, 2030 |  | 5.7% |  | C$ |  | 352 |  |  | 364 |  |
Public - Canadian | January 6, 2031 |  | 3.7% |  | C$ |  | 264 |  |  | 273 |  |
Public - Canadian | September 1, 2032 |  | 2.9% |  | C$ |  | 352 |  |  | 364 |  |
Public - Canadian | February 14, 2033 |  | 6.0% |  | C$ |  | 176 |  |  | 182 |  |
Public - Canadian | April 25, 2034 |  | 5.4% |  | C$ |  | 281 |  |  | 291 |  |
Public - Canadian | September 24, 2035 |  | 4.5% |  | C$ |  | 229 |  |  | 237 |  |
Public - Canadian | April 25, 2052 |  | 5.8% |  | C$ |  | 141 |  |  | 146 |  |
Public - Canadian | July 27, 2053 |  | 6.0% |  | C$ |  | 141 |  |  | 146 |  |
Subordinated notes: |  |  |  |  |  |  |  |  |  |
Public - United States | March 15, 2055 |  | 6.8% |  | US$ |  | 300 |  |  | 300 |  |
Public - Canadian | September 1, 2055 |  | 5.6% |  | C$ |  | 177 |  |  | 183 |  |
Public – United States | May 24, 2081 |  | 5.0% |  | US$ |  | 250 |  |  | 250 |  |
Public – United States | May 31, 2084 |  | 7.3% |  | US$ |  | 158 |  |  | 158 |  |
|  |  |  |  |  |  | 5,291 |  |  | 4,977 |  |
Deferred financing costs and other |  |  |  |  |  |  | (28) |  |  | (30) |  |
Total |  |  |  |  |  |  | $ | 5,263 |  |  | $ | 4,947 |  |
1.Maturity and annual rate associated with our commercial paper program represents a weighted average of all outstanding obligations as of June 30, 2026.
| As of
US$ MILLIONS | June 30, 2026 |  | December 31, 2025
Current | $ | 3,774 |  |  | $ | 6,013 |
Non-current | 53,428 |  |  | 53,538 |
Total | $ | 57,202 |  |  | $ | 59,551 |

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