financing costs (Tables)

6 Months Ended

Jun. 30, 2026

financing costs

Schedule of financing costs

	Three months				Six months
Periods ended June 30 (millions)	2026		2025		2026		2025
Interest expense
From transactions that only involve the raising of finance
Long-term debt, excluding lease liabilities and other (secured)
Gross	$	327	$	306	$	655	$	590
Capitalized 1 (Notes 17, 18(a))		(3)		—		(6)		(9)
Net		324		306		649		581
Short-term borrowings and other		17		12		30		29
Long-term debt prepayment premium (Note 26(e))		51		—		51		—
		392		318		730		610
From transactions that do not only involve the raising of finance
Long-term debt – lease liabilities (Notes 19, 26(h))		41		42		84		83
Long-term debt – other (secured) (Note 26(g))		6		8		11		14
Employee defined benefit plans net interest (Note 15)		4		3		7		6
Accretion on provisions (Note 25)		5		7		13		14
		56		60		115		117
		448		378		845		727
Other
Foreign exchange		(7)		12		(44)		12
		441		390		801		739
Interest income		(21)		(17)		(46)		(22)
	$	420	$	373	$	755	$	717
Net interest cost					$	754	$	720
Interest expense on long-term debt, excluding lease liabilities and other – capitalized 1						(6)		(9)
Employee defined benefit plans net interest						7		6
					$	755	$	717

1 Interest on long-term debt, excluding lease liabilities, at a composite rate of 5.3% (2025 – 5.3%) was capitalized to property, plant and equipment assets under construction and to intangible assets with indefinite lives during the period.