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Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Amounts Recognized For Share-Based Payment Transactions

The Company has recognized the following share-based compensation costs:

For the years ended December 31		2025				2024				2023
Total Compensation Costs of Transactions Classified as Cash-Settled		$	(1	)		$	(1	)		$	(22	)
Total Compensation Costs of Transactions Classified as Equity-Settled			80				92				98
Less: Total Share-Based Compensation Costs Capitalized			(22	)			(25	)			(29	)
Total Share-Based Compensation Expense (Recovery)		$	57			$	66			$	47
Recognized in the Consolidated Statement of Earnings in:
Operating		$	21			$	26			$	25
Administrative			36				40				22
		$	57			$	66			$	47

Schedule of Nonvested Performance Based Units Activity

As at December 31		2025									2024
U.S. Dollar Denominated Outstanding PSUs		Units (thousands)				Weighted Average Grant Date Fair Value (US$)					Units (thousands)				Weighted Average Grant Date Fair Value (US$)
Unvested and Outstanding, Beginning of Year			943				46.86					1,307				33.91
Granted			426				39.68					416				43.90
Vested and Released (1)			(319	)			46.67					(761	)			23.08
Units, in Lieu of Dividends			30				43.90					28				46.13
Forfeited			(51	)			46.17					(47	)			44.80
Unvested and Outstanding, End of Year			1,029				43.89					943				46.86

As at December 31		2025									2024
Canadian Dollar Denominated Outstanding PSUs		Units (thousands)				Weighted Average Grant Date Fair Value (C$)					Units (thousands)				Weighted Average Grant Date Fair Value (C$)
Unvested and Outstanding, Beginning of Year			365				62.10					487				45.30
Granted			159				56.32					149				59.49
Vested and Released (1)			(145	)			59.02					(259	)			29.04
Units, in Lieu of Dividends			11				60.85					10				62.10
Forfeited			(26	)			60.81					(22	)			62.40
Unvested and Outstanding, End of Year			364				60.85					365				62.10

(1)During the year ended December 31, 2025, performance shares that vested and were cash-settled resulted in payments of $17 million (2024 ‑ $36 million; 2023 - $22 million).

Schedule of Outstanding Deferred Share Units

(thousands of units)		U.S. Dollar Denominated Outstanding DSUs								Canadian Dollar Denominated Outstanding DSUs
As at December 31		2025				2024				2025				2024
Vested and Outstanding, Beginning of Year			24				18				146				147
Granted			5				5				2				2
Converted from Bonus Awards			-				-				-				-
Units, in Lieu of Dividends			-				1				4				4
Redeemed (1)			(2	)			-				(34	)			(7	)
Vested and Outstanding, End of Year (2)			27				24				118				146

(1)During the year ended December 31, 2025, deferred shares that vested and were cash-settled resulted in payments of $2 million (2024 ‑ nil; 2023 ‑ $2 million).

(2)The intrinsic value of deferred shares outstanding at December 31, 2025, was $6 million (2024 - $7 million).

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

As at December 31		2025									2024
U.S. Dollar Denominated Outstanding RSUs		Units (thousands)				Weighted Average Grant Date Fair Value (US$)					Units (thousands)				Weighted Average Grant Date Fair Value (US$)
Unvested and Outstanding, Beginning of Year			1,878				47.24					2,225				39.11
Granted			1,131				38.78					1,050				49.30
Units, in Lieu of Dividends			58				42.83					55				47.06
Vested and Released (1)			(903	)			46.31					(1,269	)			34.87
Forfeited			(197	)			45.77					(183	)			46.61
Unvested and Outstanding, End of Year			1,967				42.82					1,878				47.24

As at December 31		2025									2024
Canadian Dollar Denominated Outstanding RSUs		Units (thousands)				Weighted Average Grant Date Fair Value (C$)					Units (thousands)				Weighted Average Grant Date Fair Value (C$)
Unvested and Outstanding, Beginning of Year			798				63.47					982				51.93
Granted			486				55.89					420				67.13
Units, in Lieu of Dividends			26				59.96					23				63.43
Vested and Released (1)			(409	)			61.92					(550	)			45.80
Forfeited			(33	)			60.52					(77	)			63.12
Unvested and Outstanding, End of Year			868				59.96					798				63.47

(1)During the year ended December 31, 2025, restricted shares that vested and were cash-settled resulted in payments of $5 million (2024 ‑ $7 million; 2023 - $18 million).

Stock Appreciation Rights (SARs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity

The following table summarizes information related to the U.S. dollar denominated SARs:

As at December 31		2025												2024
		Outstanding SARs (thousands of units)				Weighted Average Exercise Price (US$)				Weighted Average Remaining Contractual Life (Years)				Outstanding SARs (thousands of units)				Weighted Average Exercise Price (US$)				Weighted Average Remaining Contractual Life (Years)
Outstanding, Beginning of Year			348				40.91				0.9				496				44.77
Granted			-				-								-				-
Exercised (1)			(138	)			33.72								(31	)			35.80
Forfeited			-				-								(5	)			54.35
Expired			(116	)			54.82								(112	)			58.75
Outstanding, End of Year (2)			94				34.36				0.2				348				40.91				0.9
Vested and Exercisable, End of Year (3)			94				34.36				0.2				348				40.91				0.9

(1)The intrinsic value of option awards exercised and cash-settled during 2025 was $1 million (2024 - nil; 2023 - $1 million).

(2)The intrinsic value of option awards outstanding at December 31, 2025, was nil (2024 - $2 million).

(3)The intrinsic value of option awards vested and exercisable at December 31, 2025, was nil (2024 - $2 million).

Schedule of Weighted Average Assumptions Used to Fair Value Share Units

The following weighted average assumptions were used to determine the fair value of SARs outstanding:

		US$ Share Units
As at December 31		2025		2024		2023
Risk Free Interest Rate		2.55%		2.92%		3.95%
Dividend Yield		3.06%		2.96%		2.73%
Expected Volatility Rate (1)		39.57%		46.02%		52.32%
Expected Term		0.2 yrs		0.7 yrs		1.1 yrs
Market Share Price		US$39.19		US$40.50		US$43.92
Weighted Average Grant Date Fair Value		US$34.36		US$40.91		US$44.77

(1)Volatility was estimated using historical rates.

Tandem Stock Appreciation Rights (TSARs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity

The following table summarizes information related to the TSARs:

As at December 31		2025												2024
		Outstanding TSARs (thousands of units)				Weighted Average Exercise Price (C$)				Weighted Average Remaining Contractual Life (Years)				Outstanding TSARs (thousands of units)				Weighted Average Exercise Price (C$)				Weighted Average Remaining Contractual Life (Years)
Outstanding, Beginning of Year			160				54.84				0.8				262				62.45
Granted			-				-								-				-
Exercised - SARs (1)			-				-								(20	)			63.06
Exercised - Options (1)			(83	)			46.81								-				-
Forfeited			-				-								-				-
Expired			(57	)			68.80								(82	)			77.15
Outstanding, End of Year (2)			20				47.70				0.2				160				54.84				0.8
Vested and Exercisable, End of Year (3)			20				47.70				0.2				160				54.84				0.8

(1)The intrinsic value of option awards exercised and cash-settled during 2025 was $1 million (2024 - nil; 2023 - nil).

(2)The intrinsic value of option awards outstanding at December 31, 2025, was nil (2024 - $1 million).

(3)The intrinsic value of option awards vested and exercisable at December 31, 2025, was nil (2024 - $1 million).

Schedule of Weighted Average Assumptions Used to Fair Value Share Units

The following weighted average assumptions were used to determine the fair value of TSARs outstanding:

		C$ Share Units
As at December 31		2025		2024		2023
Risk Free Interest Rate		2.55%		2.92%		3.95%
Dividend Yield		3.12%		2.82%		2.78%
Expected Volatility Rate (1)		38.35%		42.83%		48.87%
Expected Term		0.1 yrs		0.6 yrs		0.9 yrs
Market Share Price		C$53.79		C$58.23		C$58.16
Weighted Average Grant Date Fair Value		C$47.70		C$54.84		C$62.45

(1)Volatility was estimated using historical rates.

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