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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
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, 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

 

292

 

372

 

-

 

-

 

664

Trade and other receivables

 

1,088

 

-

 

-

 

-

 

1,088

Other financial assets - current

 

5

 

58

 

-

 

-

 

63

Other financial assets -
   non-current

10

 

326

 

118

 

-

 

454

Current indebtedness

 

(499)

 

-

 

-

 

-

 

(499)

Trade payables (see note 13)

 

(135)

 

-

 

-

 

-

 

(135)

Accruals (see note 13)

 

(636)

 

-

 

-

 

-

 

(636)

Other financial liabilities -
   current(1)

 

(86)

 

(26)

 

-

 

-

 

(112)

Long-term indebtedness

 

(1,342)

 

-

 

-

 

-

 

(1,342)

Other financial liabilities -
   non-current(2)

 

(199)

 

(13)

 

-

 

-

 

(212)

Total

 

(1,502)

 

717

 

118

 

-

 

(667)

 

December 31, 2024
(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

 

873

 

1,095

 

-

 

-

 

1,968

Trade and other receivables

 

1,087

 

-

 

-

 

-

 

1,087

Other financial assets - current

 

7

 

28

 

-

 

-

 

35

Other financial assets -
   non-current

 

11

 

332

 

99

 

-

 

442

Current indebtedness

 

(973)

 

-

 

-

 

-

 

(973)

Trade payables (see note 13)

 

(176)

 

-

 

-

 

-

 

(176)

Accruals (see note 13)

 

(799)

 

-

 

-

 

-

 

(799)

Other financial liabilities -
   current(1)

 

(75)

 

(17)

 

-

 

(21)

 

(113)

Long-term indebtedness

 

(1,847)

 

-

 

-

 

-

 

(1,847)

Other financial liabilities -
   non-current(2)

 

(198)

 

(34)

 

-

 

-

 

(232)

Total

 

(2,090)

 

1,404

 

99

 

(21)

 

(608)

 

 

(1)
Includes lease liabilities of $62 million (2024 - $58 million).
Includes lease liabilities of $190 million (2024 - $198 million).
Summary of Debt Exchange The results of the exchange are as follows:

 

Series of notes
(millions of U.S. dollars)

 

Principal amount New Notes issued by TR Finance

 

 

Principal amount remaining Old Notes of TRC

 

 

Principal amount outstanding notes

 

3.35% Notes due 2026

 

 

441

 

 

 

59

 

 

 

500

 

5.85% Notes due 2040

 

 

453

 

 

 

47

 

 

 

500

 

4.50% Notes due 2043

 

 

84

 

 

 

35

 

 

 

119

 

5.65% Notes due 2043

 

 

337

 

 

 

13

 

 

 

350

 

5.50% Debentures due 2035

 

 

373

 

 

 

27

 

 

 

400

 

Total

 

 

1,688

 

 

 

181

 

 

 

1,869

 
Summary of Debt and Related Derivative Instruments

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

 

 

 

Carrying Amount

 

Fair Value

June 30, 2025
(millions of U.S. dollars)

 

Primary Debt Instruments

 

Derivative Instruments

 

Primary Debt Instruments

 

Derivative Instruments

$500 3.35% Notes due 2026

 

499

 

-

 

494

 

-

$500 5.85% Notes due 2040

 

491

 

-

 

503

 

-

$119 4.50% Notes due 2043

 

116

 

-

 

93

 

-

$350 5.65% Notes due 2043

 

340

 

-

 

337

 

-

$400 5.50% Debentures due 2035

 

395

 

-

 

396

 

-

Total

 

1,841

 

-

 

1,823

 

-

Current portion

 

499

 

-

 

 

 

 

Long-term portion

 

1,342

 

-

 

 

 

 

 

 

 

Carrying Amount

 

Fair Value

December 31, 2024
(millions of U.S. dollars)

 

Primary Debt Instruments

 

Derivative Instruments

 

Primary Debt Instruments

 

Derivative Instruments

C$1,400 2.239% Notes due 2025

 

973

 

21

 

968

 

21

$500 3.35% Notes due 2026

 

499

 

-

 

491

 

-

$500 5.85% Notes due 2040

 

493

 

-

 

507

 

-

$119 4.50% Notes due 2043

 

116

 

-

 

94

 

-

$350 5.65% Notes due 2043

 

342

 

-

 

338

 

-

$400 5.50% Debentures due 2035

 

397

 

-

 

401

 

-

Total

 

2,820

 

21

 

2,799

 

21

Current portion

 

973

 

21

 

 

 

 

Long-term portion

 

1,847

 

-

 

 

 

 

 
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, 2025
(millions of U.S. dollars)

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total
Balance

Assets

 

 

 

 

 

 

 

 

 

 

Money market accounts and other securities

 

-

 

372

 

-

 

372

Other receivables(1)

 

-

 

-

 

384

 

384

Financial assets at fair value through earnings

 

-

 

372

 

384

 

756

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

 

-

 

-

 

118

 

118

Total assets

 

-

 

372

 

502

 

874

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Contingent consideration(3)

 

-

 

-

 

(39)

 

(39)

Financial liabilities at fair value through earnings

 

-

 

-

 

(39)

 

(39)

Total liabilities

 

-

 

-

 

(39)

 

(39)

 

December 31, 2024
(millions of U.S. dollars)

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total
Balance

Assets

 

 

 

 

 

 

 

 

 

 

Money market accounts and other securities

 

-

 

1,095

 

-

 

1,095

Other receivables(1)

 

 

 

-

 

-

 

360

 

360

Financial assets at fair value through earnings

 

-

 

1,095

 

360

 

1,455

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

 

1

 

-

 

98

 

99

Total assets

 

1

 

1,095

 

458

 

1,554

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Derivatives used for hedging(4)

 

-

 

(21)

 

-

 

(21)

Contingent consideration(3)

 

-

 

-

 

(51)

 

(51)

Financial liabilities at fair value through earnings

 

-

 

(21)

 

(51)

 

(72)

Total liabilities

 

-

 

(21)

 

(51)

 

(72)

 

(1)
Receivables under an indemnification arrangement and contingent receivable (see below).
(2)
Investments in entities over which the Company does not have control, joint control or significant influence.
(3)
Obligations to pay additional consideration for prior acquisitions, based upon performance measures contractually agreed at the time of purchase, and to purchase shares from minority owners of a subsidiary.
(4)
Comprised of fixed-to-fixed cross-currency swaps on indebtedness.